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RIO DE JANEIRO, BRAZIL - Some 20 years ago, when Brazil was singled out by the British economist Jim O'Neill as one of the emerging countries that would reshape the global economy - along with Russia, India, and China - the country's context was different, and the tools used to drive its growth would prove unsustainable not many years later, with the deterioration of Brazil's fiscal situation.

The novel coronavirus pandemic further deteriorated this fiscal scenario, pushing the economy into the deep end, like so many others around the world, and extending by over ten years the central government's . . .

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