Key View

• Healthcare spending will increase in 2023, but a highly polarised electorate will increase risks for passing specific health proposals.
• While the majority of the health budget will continue to be allocated towards hospital and outpatient care, we expect to see an increase in allocation towards primary care in 2023.
• Despite political

Key View

• We expect vehicle sales in Brazil in 2023 to increase by 4.4% y-o-y to 2.20mn units on the back of a more benign macroeconomic backdrop and reduced uncertainty following the election of Luiz Inácio Lula da Silva.
• Four factors will support domestic vehicle demand throughout 2023 - cooling inflation, lower interest rates, reduced

Key View

• Brazilian real GDP growth will slow from an estimated 3.0% in 2022 to 1.0% in 2023, as elevated interest rates eat into private demand and investment, while export growth also cools.
• That said, our forecast at Fitch Solutions is above consensus of 0.8%, as we expect that solid fundamentals for private consumption and increased demand

Key View

• Lula's return to office in Brazil will see that country resumes its leadership role in Latin America after strained relations under his predecessor, Jair Bolsonaro.
• However, we at Fitch Solutions do not expect significantly deeper economic integration within Latin America in the years ahead, with a recently announced plan for a

Key View

• We hold a mixed outlook for Brazil’s medical devices market as increased investment under newly elected President Lula, will be offset by a congress dominated by centrist and right-wing parties.
• Domestic production of medical devices will continue to grow at a rapid pace in Brazil.
• Favourable demographics and post Covid-19 recovery

The Latest: As scientists warn of a nearing irreversible decline, Brazil’s incoming president Luiz Inácio Lula da Silva used his speech at COP27 to demonstrate his commitment to preserving Brazil’s Amazon rainforest and critical ecosystems. President Lula’s pledge to protect the Amazon marks a stark contrast from the presidency of Jair Bolsonaro

Key View

• We have revised up our vehicle sales and production forecasts for Brazil, as we believe that the election of Luiz Inácio Lula da Silva (Lula) as Brazil’s president will prove to be broadly beneficial for the country’s autos sector.
• We see a significant upside to the commercial vehicle (CV) segment in the medium term (2023-2026), due

Key View

• As we at Fitch Solutions anticipated, the leftist Luiz Inácio Lula da Silva (Lula) secured a third term as Brazilian president on October 30, in a victory that is likely to shift policy towards the centre-left over the next four years.
• Despite Lula’s thin margin of victory, the right-wing incumbent, Jair Bolsonaro, has reportedly

Key View: We expect Brazil to drive the adoption of EVs in the Latin America region in volume terms due to its large driving age population and well-established automotive industry. However, we highlight Brazil's charging infrastructure and weak e-mobility policies as potential barriers to EV adoption.

Key View

• Continued advancements in the pharmaceutical supply chain in Brazil will benefit pharmaceutical companies, particularly foreign firms.
• We maintain a positive outlook for Brazil’s pharmaceutical markets but uncertainties remain due to the political landscape.
• The value of Brazil’s pharmaceutical imports will continue to exceed the