Inflation: 2.9%

Budget Balance (% GDP): - 7.5

Population: 213.3m

The president, Jair Bolsonaro, will prioritise re-election in 2022 over pushing his pro-
market reforms in a congress where his Liberal Social Party requires support from a
fragmented opposition to get anything done. A contest for the leadership of the lower
house, set for February, will clarify battle lines, with opposition centre-right parties
keen to control the legislative agenda. A relaxed covid-19 response protected the
economy but caused many deaths.

TO WATCH: Centred. Elected as a far-right populist, Mr Bolsonaro will woo centrist
support to avoid impeachment, without straying from his base.

Chile

GDP growth: 4.6%

GDP per head: $13,940 (PPP: $25,010)

Inflation: 2.7%

Budget Balance (% GDP): - 8.1

Population: 19.2m

Voters overwhelmingly approved a plan to rewrite the Pinochet-era constitution in a
referendum in late 2020. The vote was held in response to mass anti-inequality protests
that began in November 2019. Drafters of the new constitution will be elected in April
and their work will be ratified, again by referendum, in 2022, potentially shifting a long-
standing cross-party political consensus to the left. An effective covid-19 response
shielded the economy and will ensure a decent recovery.