{
  "title": "Brazil: Staff Report for the 2014 Article IV Consultation",
  "publication": "IMF Staff Country Reports, May 12, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/brazil-staff-report-for-the-2014-article-iv-consultation-42928",
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  "summary": "This 2014 Article IV Consultation highlights that Brazil’s growth has decelerated in recent years. The boost from decade-old reforms, expanding labor income, and favorable external conditions, which enabled consumption and credit-led growth and underpinned sustained poverty reduction, has lost steam",
  "sections": [
    {
      "heading": "Growth outlook and key projection",
      "content": "- Brazil’s growth has decelerated in recent years.\n- IMF staff projects negative output growth of 1 percent in 2015.\n- Downward momentum in activity carried over from 2014."
    },
    {
      "heading": "Drivers of the slowdown",
      "content": "- The boost from decade-old reforms, expanding labor income, and favorable external conditions has lost steam.\n- Consumption- and credit-led growth that underpinned sustained poverty reduction has weakened.\n- Investment has been sluggish due to:\n  - eroding competitiveness,\n  - a worsening business environment,\n  - lower commodity prices.\n- Cuts in investment by Petrobras added to the downward momentum."
    },
    {
      "heading": "Policy stance and short-term influences",
      "content": "- Tighter fiscal and monetary policies are contributing some drag to activity.\n- Interaction of weaker private investment and policy tightening amplifies near-term slowdown risks."
    },
    {
      "heading": "Subject areas and keywords covered",
      "content": "- Subject: Banking; Currencies; External debt; Fiscal policy; Fiscal stance; Inflation; Money; Prices; Public debt.\n- Keywords: central bank; consumer confidence; core inflation; CR; Currencies; exchange rate depreciation; financing; Fiscal stance; GDP; Global; Inflation; ISCR; monetary policy; Policy lending; short-term debt.\n\nSource: Brazil: Staff Report for the 2014 Article IV Consultation, International Monetary Fund.\n\n---\n\n Content in this bundle\n\n- cr15121\n  - cr15121 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15121 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 12, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484380758.002",
    "Brazil’s growth has decelerated in recent years.",
    "IMF staff projects negative output growth of 1 percent in 2015.",
    "Downward momentum in activity carried over from 2014.",
    "The boost from decade-old reforms, expanding labor income, and favorable external conditions has lost steam.",
    "Consumption- and credit-led growth that underpinned sustained poverty reduction has weakened.",
    "Investment has been sluggish due to:",
    "Cuts in investment by Petrobras added to the downward momentum.",
    "Tighter fiscal and monetary policies are contributing some drag to activity.",
    "Interaction of weaker private investment and policy tightening amplifies near-term slowdown risks.",
    "Subject: Banking; Currencies; External debt; Fiscal policy; Fiscal stance; Inflation; Money; Prices; Public debt.",
    "Keywords: central bank; consumer confidence; core inflation; CR; Currencies; exchange rate depreciation; financing; Fiscal stance; GDP; Global; Inflation; ISCR; monetary policy; Policy lending; short-term debt.",
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