One of the factors that had augured well for Brazil’s economy at the beginning of 2021 was the sharp rise in commodity prices in the second half of 2020. This had been fuelled largely by China’s relatively rapid recovery from the pandemic, with the economy of Brazil’s biggest trading partner growing in the fourth quarter of 2020. Between March 2020

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Similarly, replacing fossil fuels with renewable energy sources is likely to appeal to some countries more than to others. China, Japan, and South Korea depend on importing huge quantities of oil and gas. They will be delighted to be free of that burden. Russia, Iran, and Saudi Arabia depend on exporting oil and gas. Their economies will collapse i

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