{
  "title": "Brazil: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil",
  "publication": "IMF Staff Country Reports, August 3, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/08/03/brazil-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-46154",
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  "summary": "This 2018 Article IV Consultation highlights that a mild recovery supported by accommodative monetary and fiscal policies is currently under way in Brazil.",
  "sections": [
    {
      "heading": "Key findings and assessment",
      "content": "- A mild recovery supported by accommodative monetary and fiscal policies is currently under way in Brazil.\n- The economy is underperforming relative to its potential.\n- Public debt is high and increasing.\n- Medium-term growth prospects remain uninspiring absent further reforms.\n- Placing Brazil on a path of strong, balanced and durable growth requires:\n  - a committed pursuit of fiscal consolidation,\n  - ambitious structural reforms,\n  - a strengthening of the financial sector architecture.\n- Following the severe recession in 2015-16, real GDP grew by 1 percent in 2017."
    },
    {
      "heading": "Growth projections and drivers",
      "content": "- Growth is projected to be 1.8 and 2.5 percent in 2018 and 2019, respectively.\n- Projected growth is driven by a recovery in domestic consumption and investment.\n- Recovery context: backdrop of tightening global financial conditions."
    },
    {
      "heading": "Fiscal position and public debt",
      "content": "- Public debt is characterized as high and increasing.\n- Policy emphasis: committed pursuit of fiscal consolidation to place Brazil on a durable growth path."
    },
    {
      "heading": "Monetary policy and financial sector",
      "content": "- Current recovery is supported by accommodative monetary policy.\n- Recommendation: strengthen the financial sector architecture to support balanced growth."
    },
    {
      "heading": "Structural reforms and labor market",
      "content": "- Ambitious structural reforms are required to improve medium-term growth prospects.\n- Subjects highlighted include: Banking, Expenditure, External debt, Fiscal policy, Fiscal stance, Labor, Public debt, Wages.\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\"}"
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    "Published: August 3, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484372449.002",
    "A mild recovery supported by accommodative monetary and fiscal policies is currently under way in Brazil.",
    "The economy is underperforming relative to its potential.",
    "Medium-term growth prospects remain uninspiring absent further reforms.",
    "Placing Brazil on a path of strong, balanced and durable growth requires:",
    "Following the severe recession in 2015-16, real GDP grew by 1 percent in 2017.",
    "Growth is projected to be 1.8 and 2.5 percent in 2018 and 2019, respectively.",
    "Projected growth is driven by a recovery in domestic consumption and investment.",
    "Recovery context: backdrop of tightening global financial conditions.",
    "Policy emphasis: committed pursuit of fiscal consolidation to place Brazil on a durable growth path.",
    "Current recovery is supported by accommodative monetary policy.",
    "Recommendation: strengthen the financial sector architecture to support balanced growth.",
    "Ambitious structural reforms are required to improve medium-term growth prospects.",
    "Subjects highlighted include: Banking, Expenditure, External debt, Fiscal policy, Fiscal stance, Labor, Public debt, Wages.",
    "**Country Report**"
  ],
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