## Brazil: Staff Report for the 2014 Article IV Consultation

_IMF Staff Country Reports, May 12, 2015_

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**Canonical URL:** [Brazil: Staff Report for the 2014 Article IV Consultation](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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## Bibliographic details
- Published: May 12, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484380758.002

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### Growth outlook and key projection
- 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.

### Drivers of the slowdown
- 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:
  - eroding competitiveness,
  - a worsening business environment,
  - lower commodity prices.
- Cuts in investment by Petrobras added to the downward momentum.

### Policy stance and short-term influences
- 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 areas and keywords covered
- 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.

*Source: Brazil: Staff Report for the 2014 Article IV Consultation, International Monetary Fund.*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/brazil-staff-report-for-the-2014-article-iv-consultation-42928_