Brazil's budgetary consolidation over 2021-2024 is likely to be slow as pressure to increase spending remains elevated, with net general government debt set to rise to about 75% of GDP in 2024. Strong exports, benefiting Brazil's resilient external profile, and more dynamic private investment will propel the country's economic recovery this year. We affirmed our 'BB-/B' sovereign credit ratings on Brazil. The stable outlook reflects our expectations for economic recovery in 2021 and a gradual reduction of Brazil's fiscal deficit, which should result in a slower pace of debt accumulation in the coming two years as well as solid external performance. On June 2, 2021, S&P Global Ratings affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit
