{
  "title": "Brazil: Selected Issues",
  "publication": "IMF Staff Country Reports, July 13, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/07/13/brazil-selected-issues-45082",
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  "summary": "This Selected Issues paper examines the proximate causes of dramatic fall in investment in Brazil and the prospects for investment going forward.",
  "publishDate": "2017-07-13",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- This Selected Issues paper examines the proximate causes of dramatic fall in investment in Brazil and the prospects for investment going forward.\n- A variety of factors contributed to the investment decline, including deterioration in Brazil’s medium-term growth prospects, rising real interest rates, falling terms of trade, rising uncertainty related to economic policy, rising levels of corporate leverage and lower cash flow.\n- Some of the factors that have weighed on investment over recent years have begun to normalize providing some impetus for a recovery.\n- However, still-high levels of corporate leverage and the prospect of continued uncertainty related to economic policy settings suggest a turnaround in investment is likely to be subdued."
    },
    {
      "heading": "Factors driving the investment decline",
      "content": "- Deterioration in Brazil’s medium-term growth prospects\n- Rising real interest rates\n- Falling terms of trade\n- Rising uncertainty related to economic policy\n- Rising levels of corporate leverage\n- Lower cash flow"
    },
    {
      "heading": "Prospects for investment and near-term outlook",
      "content": "- Partial normalization of some adverse factors has begun, providing some impetus for recovery.\n- Persistently high corporate leverage remains a constraint on investment.\n- Ongoing uncertainty regarding economic policy settings implies the turnaround in investment is likely to be subdued.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/07/13/brazil-selected-issues-45082"
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    "Published: July 13, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484309919.002",
    "This Selected Issues paper examines the proximate causes of dramatic fall in investment in Brazil and the prospects for investment going forward.",
    "A variety of factors contributed to the investment decline, including deterioration in Brazil’s medium-term growth prospects, rising real interest rates, falling terms of trade, rising uncertainty related to economic policy, rising levels of corporate leverage and lower cash flow.",
    "Some of the factors that have weighed on investment over recent years have begun to normalize providing some impetus for a recovery.",
    "However, still-high levels of corporate leverage and the prospect of continued uncertainty related to economic policy settings suggest a turnaround in investment is likely to be subdued.",
    "Deterioration in Brazil’s medium-term growth prospects",
    "Rising real interest rates",
    "Falling terms of trade",
    "Rising uncertainty related to economic policy",
    "Rising levels of corporate leverage",
    "Lower cash flow",
    "Partial normalization of some adverse factors has begun, providing some impetus for recovery.",
    "Persistently high corporate leverage remains a constraint on investment.",
    "Ongoing uncertainty regarding economic policy settings implies the turnaround in investment is likely to be subdued.",
    "**Country Report**"
  ],
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