Brazil: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil
IMF Staff Country Reports, July 17, 2025
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- Brazil: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil
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Bibliographic details
- Published: July 17, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229017602.002
Economic growth and drivers
- GDP growth in Brazil has been "remarkably resilient over the past three years" and "is showing signs of moderation."
- The expansion reflected:
- strong consumption supported by fiscal stimulus on the demand side, and
- supply-side factors.
Inflation and monetary policy
- Inflation rebounded in 2024 amid:
- strong demand,
- a rise in food prices, and
- currency depreciation.
- As inflation expectations rose above the target tolerance interval, monetary policy entered a new policy tightening cycle in September.
Fiscal position and structural challenges
- Long-standing challenges remain, including:
- elevated public debt, and
- spending rigidities that crowd out priority investments.
- The authorities have made progress on reforms to foster sustainable and inclusive growth, including implementation of VAT reform.
Publication and document metadata
- Publication title: Brazil: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil
- Publication date: July 17, 2025
- Series: Country Report No. 2025/194
- Volume: 2025
- Issue: 194
- Pages: 118
- DOI: https://doi.org/10.5089/9798229017602.002
- Stock No: 1BRAEA2025001
- ISBN: 9798229017602
- ISSN: 1934-7685
International Monetary Fund. Western Hemisphere Dept. "Brazil: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil", IMF Staff Country Reports 2025, 194 (2025).
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