An activist holds a Brazilian flag painted with crosses symbolising people who have died from Covid-19, during a protest against Brazilian President Jair Bolsonaro in Brasilia on July 14. Brazil is second only to the United States in Covid-19 cases and deaths, and like the rest of Latin America its struggle to contain the virus is weighing on its economy as well. Photo: Reuters An activist holds a Brazilian flag painted with crosses symbolising people who have died from Covid-19, during a protest against Brazilian President Jair Bolsonaro in Brasilia on July 14. Brazil is second only to the United States in Covid-19 cases and deaths, and like the rest of Latin America its struggle to contain the virus is weighing on its economy as well. Photo: Reuters
An activist holds a Brazilian flag painted with crosses symbolising people who have died from Covid-19, during a protest against Brazilian President Jair Bolsonaro in Brasilia on July 14. Brazil is second only to the United States in Covid-19 cases and deaths, and like the rest of Latin America its struggle to contain the virus is weighing on its economy as well. Photo: Reuters
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Coronavirus recovery: emerging markets facing toughest test yet in pandemic

  • The pandemic has forced central banks to cut interest rates aggressively, and the whiff of a fiscal crisis hangs over several major developing economies
  • Even China’s impressive rebound is being called into question because of the severity of the global recession and the resurgence of the coronavirus

An activist holds a Brazilian flag painted with crosses symbolising people who have died from Covid-19, during a protest against Brazilian President Jair Bolsonaro in Brasilia on July 14. Brazil is second only to the United States in Covid-19 cases and deaths, and like the rest of Latin America its struggle to contain the virus is weighing on its economy as well. Photo: Reuters An activist holds a Brazilian flag painted with crosses symbolising people who have died from Covid-19, during a protest against Brazilian President Jair Bolsonaro in Brasilia on July 14. Brazil is second only to the United States in Covid-19 cases and deaths, and like the rest of Latin America its struggle to contain the virus is weighing on its economy as well. Photo: Reuters
An activist holds a Brazilian flag painted with crosses symbolising people who have died from Covid-19, during a protest against Brazilian President Jair Bolsonaro in Brasilia on July 14. Brazil is second only to the United States in Covid-19 cases and deaths, and like the rest of Latin America its struggle to contain the virus is weighing on its economy as well. Photo: Reuters
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.