{
  "title": "Brazil: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil",
  "publication": "IMF Staff Country Reports, July 11, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/07/11/brazil-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-551705",
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  "summary": "The 2024 Article IV Consultation highlights that Brazil’s economy has shown remarkable resilience amid the ongoing disinflation. Economic activity has grown steadily, surpassing expectations, reflecting favorable demand and supply factors.",
  "sections": [
    {
      "heading": "Key findings and recent performance",
      "content": "- Brazil’s economy has shown remarkable resilience amid ongoing disinflation.\n- Economic activity has grown steadily, surpassing expectations, reflecting favorable demand and supply factors.\n- With proactive and adequately restrictive monetary policy, headline inflation has declined to the target tolerance interval."
    },
    {
      "heading": "Growth and inflation outlook",
      "content": "- Gross domestic product growth is expected to moderate in 2024, reflecting:\n  - still restrictive monetary policy,\n  - a lower fiscal deficit,\n  - the flood calamity in Rio Grande do Sul,\n  - and normalization of agricultural output.\n- Growth is projected to strengthen to 2.5 percent over the medium term, an upward revision of 0.5 percentage point since the 2023 Article IV Consultation.\n- Investment in green growth opportunities could further boost economic potential."
    },
    {
      "heading": "Drivers of the medium-term outlook",
      "content": "- Projected gains are supported by:\n  - efficiency gains from the value-added tax reform,\n  - growing hydrocarbon output.\n- Continuing implementation of reforms that:\n  - promote trade integration,\n  - enhance governance,\n  - simplify business regulation,\n  would yield productivity gains."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Maintain proactive and adequately restrictive monetary policy until durable disinflation is secured.\n- Continue fiscal consolidation efforts that contribute to a lower fiscal deficit while supporting resilience.\n- Advance reforms to:\n  - unlock efficiency gains from the value-added tax reform,\n  - promote trade integration,\n  - enhance governance,\n  - simplify business regulation.\n- Prioritize investment in green growth opportunities to boost economic potential and medium-term growth.\n\nInternational Monetary Fund. Western Hemisphere Dept. \"Brazil: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil\", IMF Staff Country Reports 2024, 209 (2024), July 11, 2024.\n\n---\n\n Content in this bundle\n\n- 1braea2024001-print-pdf\n  - 1braea2024001-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1braea2024001-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 11, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400282898.002",
    "Brazil’s economy has shown remarkable resilience amid ongoing disinflation.",
    "Economic activity has grown steadily, surpassing expectations, reflecting favorable demand and supply factors.",
    "With proactive and adequately restrictive monetary policy, headline inflation has declined to the target tolerance interval.",
    "Gross domestic product growth is expected to moderate in 2024, reflecting:",
    "Growth is projected to strengthen to 2.5 percent over the medium term, an upward revision of 0.5 percentage point since the 2023 Article IV Consultation.",
    "Investment in green growth opportunities could further boost economic potential.",
    "Projected gains are supported by:",
    "Continuing implementation of reforms that:",
    "Maintain proactive and adequately restrictive monetary policy until durable disinflation is secured.",
    "Continue fiscal consolidation efforts that contribute to a lower fiscal deficit while supporting resilience.",
    "Advance reforms to:",
    "Prioritize investment in green growth opportunities to boost economic potential and medium-term growth.",
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