Fiscal Policy Challenges Cepal by Mansueto Almeida – Secretary of Brazilian National Treasury (3/2019).
Macroeconomic backdrop Source: IBGE, Central Bank of Brazil 1 Current account is almost balanced, low external financing needs. Comfortable inflation outlook, with anchored inflation expectations. Credit to households already reflecting monetary easing.
Macroeconomic backdrop: fiscal forecast
Lower than expected primary deficit in 2018. Structural reforms needed to stabilize debt, accelerate growth and lower neutral real rates.