Key View

• We expect Brazil’s airport infrastructure sector will see significant construction investment over the coming years, benefitting from growing private investment in the sector, spurred in turn by the country’s concession programme and related government support amid the Covid-19 pandemic.
• The recent tender of 22 airports split into

Key View

• Brazil's last-mile fibre market is maturing rapidly and can now support the more operationally robust independent metropolitan players as they embark on IPOs.
• Few, if any, are likely to challenge the two largest incumbent telcos, but those players' fibreco spin-offs will make it easier for independents to gain access to third

Key View

• Indigenous vaccine production will give Brazil greater vaccine autonomy.
• Production of a local vaccine will also give a boost to the pharmaceutical market.
• Healthcare shortages bring hospitals in the country close to collapse.
• Lack of political guidance has exacerbated the impact of the pandemic.

In early March 2021, Brazil’s

Key View

• We maintain our view that there will not be any growth in Brazil’s nuclear power sector over the coming decade, with power capacity set to remain at 1,884MW through 2030.
• That said, ongoing developments of the 1,405MW Angra 3 Nuclear Power Project continues to present upside risks to our growth forecasts, with the government

Key View

• We have revised up our forecasts for Brazil’s non-hydro renewables sector as a result of continued signals for strong growth, particularly within the wind and solar power sectors. We now forecast nearly 23,500MW of solar and 18,150MW of wind to come online between 2021 and 2030.
• Our positive outlook for the solar sector is