Roughly a third of Brazilian businesses reported losses in March due to declining economic activity linked to the spreading coronavirus, according to a survey Wednesday released by the Getúlio Vargas Foundation. The foundation is Brazil’s leading economics and business research and teaching institution. According to the survey, 43% of manufacturers reported losses in March, with 35% of retailers saying they suffered losses and 30% of service companies. A total of 68% of manufacturers, 59% of retailers and 50% of service companies said they expect business conditions to worsen in the coming months. March marked the beginning of commercial shutdowns in major Brazilian cities. More municipalities are expected to adhere to restrictions in April as Brazil prepares for coronavirus cases to peak in the coming weeks.
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