Consumption in Brazil: Where to Next?


Troy D Matheson ; Carlos Góes

Publication Date:

March 28, 2017

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.


Private consumption has been a key driver of growth in Brazil for more than a decade. Over this time, Brazilian consumers have benefited from a favorable policy environment, a rapid phase of development—dramatically increasing economic, financial and social inclusion— and a supportive external environment. Meanwhile, infrastructure gaps have widened and investment and productivity levels have fallen behind. The consumption-led growth model now appears to have run its course. The prospect of a period of macroeconomic adjustment presents an opportunity to adjust policy settings to ensure stronger, more balanced and sustainable growth over the medium term.


Working Paper No. 2017/075



Publication Date:

March 28, 2017



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