*The Federação de Entidades Empresariais do Rio Grande do Sul (Federasul), a business association representing companies in Brazil’s southernmost state of Rio Grande do Sul, has released a report which included an estimate on how much funding would be needed to rebuild the infrastructure damaged by the storms and floods which have devastated the state since late April. Federasul estimates that the reconstruction could cost between R$110bn (US$21bn) and R$176bn. The latest figures from Federasul do not include the projected costs for the recovery of the agricultural sector, a key driver of the state’s economy. The association highlighted that, before the floods, the economy of Rio Grande do Sul was expected to post growth figures above the national average; the state’s GDP growth forecast for 2024 had been 4.0%. However, after the floods, the forecast has been lowered, with Federasul projecting an annual GDP contraction of 0.77%.
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LatinNews Daily - 03 June 2024
In brief: Brazilian business group releases estimate for flood reconstruction
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