{
  "title": "Brazil: Staff Report for the 2013 Article IV Consultation",
  "publication": "IMF Staff Country Reports, October 23, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/brazil-staff-report-for-the-2013-article-iv-consultation-40999",
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  "summary": "This 2013 Article IV Consultation highlights that Brazil’s economy is recovering gradually from the slowdown that began in mid-2011. Consumption remained resilient last year underpinned by low unemployment and broad gains in real wages, although it has slowed somewhat more recently.",
  "sections": [
    {
      "heading": "Macroeconomic overview and near-term outlook",
      "content": "- Brazil’s economy is recovering gradually from the slowdown that began in mid-2011.\n- Consumption remained resilient in the year prior to the report, underpinned by low unemployment and broad gains in real wages, although it has slowed somewhat more recently.\n- After a protracted period of weakness, investment has begun to recover in recent quarters while business confidence has firmed.\n- The economy is estimated to be operating close to potential."
    },
    {
      "heading": "Inflation and supply-side constraints",
      "content": "- Supply-side constraints have restrained near-term growth.\n- Those constraints have exacerbated inflationary pressures."
    },
    {
      "heading": "Financial conditions and credit",
      "content": "- Financial conditions have tightened.\n- Credit growth has remained strong, driven by public banks’ lending."
    },
    {
      "heading": "Thematic coverage and keywords",
      "content": "- Subject areas: Banking, External debt, Financial institutions, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt, State-owned banks\n- Keywords: bond yield, CR, debt, food inflation, Global, Inflation, inflation tolerance band, ISCR, July monetary policy meeting, sovereign bond bond yield, staff appraisal, State-owned banks\n\n---\n\n Content in this bundle\n\n- Brazil: 2013 Article IV Consultation--Staff Report; IMF Country Report 13/312; July 2, 2013\n  - Brazil: 2013 Article IV Consultation--Staff Report; IMF Country Report 13/312; July 2, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Brazil: 2013 Article IV Consultation--Staff Report; IMF Country Report 13/312; July 2, 2013 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: October 23, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781616359454.002",
    "Brazil’s economy is recovering gradually from the slowdown that began in mid-2011.",
    "Consumption remained resilient in the year prior to the report, underpinned by low unemployment and broad gains in real wages, although it has slowed somewhat more recently.",
    "After a protracted period of weakness, investment has begun to recover in recent quarters while business confidence has firmed.",
    "The economy is estimated to be operating close to potential.",
    "Supply-side constraints have restrained near-term growth.",
    "Those constraints have exacerbated inflationary pressures.",
    "Financial conditions have tightened.",
    "Credit growth has remained strong, driven by public banks’ lending.",
    "Subject areas: Banking, External debt, Financial institutions, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt, State-owned banks",
    "Keywords: bond yield, CR, debt, food inflation, Global, Inflation, inflation tolerance band, ISCR, July monetary policy meeting, sovereign bond bond yield, staff appraisal, State-owned banks",
    "**Brazil: 2013 Article IV Consultation--Staff Report; IMF Country Report 13/312; July 2, 2013**"
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