{
  "title": "Brazil: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil",
  "publication": "IMF Staff Country Reports, July 23, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/07/23/brazil-2019-article-iv-consultation-press-release-staff-report-and-statement-by-the-48520",
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  "summary": "This 2019 Article IV Consultation with Brazil discusses that growth is projected at 0.8 percent in 2019 and to accelerate in 2020 conditional on the approval of a robust pension reform and favorable financial conditions.",
  "sections": [
    {
      "heading": "Growth outlook",
      "content": "- Growth is projected at 0.8 percent in 2019.\n- Growth is projected to accelerate in 2020 conditional on the approval of a robust pension reform and favorable financial conditions."
    },
    {
      "heading": "Fiscal policy and public debt projections",
      "content": "- The current budget is guided by the federal expenditure ceiling, entailing a minor reduction of the structural primary balance in 2019.\n- Fiscal policy is expected to be mildly supportive in 2019 and subsequently turn moderately contractionary to respect the constitutional ceiling.\n- Gross public debt is projected to peak in 2024 at 96 percent of gross domestic product.\n- Given the high and increasing level of public debt, fiscal consolidation is essential.\n- The government should preserve a broadly neutral fiscal stance in 2019."
    },
    {
      "heading": "Structural reforms and growth-enhancing measures",
      "content": "- The review encouraged the authorities to step up implementation of structural reforms essential to raise potential growth, including:\n  - Improving the business environment.\n  - Lowering trade barriers.\n  - Boosting productivity.\n- Additional decisive structural reforms identified as needed to raise potential growth:\n  - Tax reforms.\n  - Privatization.\n  - Trade liberalization.\n  - Measures to enhance the efficiency of financial intermediation."
    },
    {
      "heading": "Key subjects and keywords",
      "content": "- Subject: External debt, Fiscal stance, Pension reform, Public debt, Real interest rates\n- Keywords: CR, debt, interest, ISCR, reform agenda\n\nBrazil: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil\n\n---\n\n Content in this bundle\n\n- 1braea2019001\n  - 1braea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1braea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 23, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513508368.002",
    "Growth is projected at 0.8 percent in 2019.",
    "Growth is projected to accelerate in 2020 conditional on the approval of a robust pension reform and favorable financial conditions.",
    "The current budget is guided by the federal expenditure ceiling, entailing a minor reduction of the structural primary balance in 2019.",
    "Fiscal policy is expected to be mildly supportive in 2019 and subsequently turn moderately contractionary to respect the constitutional ceiling.",
    "Gross public debt is projected to peak in 2024 at 96 percent of gross domestic product.",
    "Given the high and increasing level of public debt, fiscal consolidation is essential.",
    "The government should preserve a broadly neutral fiscal stance in 2019.",
    "The review encouraged the authorities to step up implementation of structural reforms essential to raise potential growth, including:",
    "Additional decisive structural reforms identified as needed to raise potential growth:",
    "Subject: External debt, Fiscal stance, Pension reform, Public debt, Real interest rates",
    "Keywords: CR, debt, interest, ISCR, reform agenda",
    "**1braea2019001**"
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