Brazil: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: Volume 2025 Issue 194

Publication date: July 2025

ISBN: 9798229017602

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Topics covered in this book

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Banks and Banking , Inflation , Labor , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Environmental Conservation and Protection , Financial sector stability , Exchange rates , Credit , Inflation , Fiscal stance , Central bank policy rate , Labor markets , Greenhouse gas emissions

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Summary

GDP growth in Brazil has been remarkably resilient over the past three years and, as expected, is showing signs of moderation. The expansion has reflected strong consumption supported by fiscal stimulus on the demand side, and supply-side factors. Inflation rebounded in 2024 amid strong demand, a rise in food prices, and currency depreciation. As inflation expectations rose above the target tolerance interval, monetary policy entered a new policy tightening cycle in September. Long-standing challenges remain, including elevated public debt and spending rigidities that crowd out priority investments. The authorities have made progress on reforms to foster sustainable and inclusive growth, including implementation of VAT reform.