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Reigniting Strong and Inclusive Growth in Brazil

By | May 28th, 2015|Economic outlook, Emerging Markets, Employment, Fiscal policy, Globalization, growth, IMF, Inequality, International Monetary Fund, Reform, Uncategorized|

2014MDNEW_04By Christine Lagarde 

(Versions in Español and Português)

Brazil has made remarkable social gains over the past decade and a half. Millions of families have been lifted from extreme poverty, and access to education and health has improved thanks to a series of well-targeted social interventions, such as Bolsa Familia, the conditional cash transfer program. I was privileged to see some of this tangible progress during my visit to Brazil last week.

I met with Tereza Campello, Brazil’s Minister for Social Development, who explained the network of social programs in the country, and guided us on a visit to Complexo do Alemão—a neighborhood and a group of favelas in the North Zone of Rio de Janeiro. We got there after a ride on the recently built cable car, which links several neighborhoods on the hills to the North Zone. This is a great example of infrastructure that has contributed immensely to improving the economic opportunities of people, who now have a quick way to move around and connect to the larger city. The stations themselves are also focal points of the efforts aimed at improving the daily lives of the people of Rio de Janeiro, since they house important services such as the youth center, a social assistance center, a public library, a training center for micro-entrepreneurs, and even a small branch of the bank that distributes the Bolsa Familia monthly grants.

Continue reading “Reigniting Strong and Inclusive Growth in Brazil” »

Unleashing Brazil’s Growth

By | November 27th, 2013|Advanced Economies, Economic outlook, Economic research, Emerging Markets, Finance, Fiscal policy, growth, IMF, International Monetary Fund, Latin America, Public debt, Uncategorized|

By Martin Kaufman and Mercedes García-Escribano

(Version in Español and Português)

Since the early 2000s, Brazil’s economy has grown at a robust clip, with growth in 2010 reaching 7.5 percent—its strongest in a quarter of a century. A key pillar of its hard-won economic success has been sound economic policies and the adoption of far-reaching social programs, which resulted in a substantial decline in poverty.

In the last couple of years Brazil’s growth slowed down. Although other emerging market economies experienced a similar slowdown, the growth outturns in Brazil were particularly disappointing. And the measures taken to stimulate the economy did not produce a sustained recovery. This is because unleashing sustained growth in Brazil requires measures geared not at stimulating domestic demand but at changing the composition of demand towards investment and at increasing productivity.

Continue reading “Unleashing Brazil’s Growth” »

Regional Spillovers in South America: How “Systemic” is Brazil?

By | May 29th, 2012|Economic outlook, Economic research, Emerging Markets, Employment, Finance, Globalization, growth, IMF, Inequality, International Monetary Fund, Investment, Latin America, Politics|

We quantify the spillovers from Brazil to other countries in South America. The results confirm that Brazil has a significant influence on Southern Cone countries, particularly on Mercosur partners (Argentina, Paraguay, and Uruguay), but not on the Andean economies. For the Southern Cone countries, spillovers from Brazil can take two forms: the transmission of shocks originating in Brazil and the amplification (through Brazil) of global shocks. These two factors explain an important share of the fluctuations in economy activity in the Southern Cone countries.

Outlook for the Americas: A Tougher Recovery

By | July 23rd, 2018|Advanced Economies, Emerging Markets, Latin America|

By Alejandro Werner

July 23, 2018

Versions in EspañolPortuguês

Street vendors in Rio de Janeiro, Brazil: While growth is accelerating in some parts of Latin America, the recovery has become tougher for some of the largest economies (photo: Oliver Wintzen/Robert Harding/Newscom)

Economic activity in Latin America continues to recover. Following the pickup in domestic demand led by consumption in 2017, investment is finally gathering strength. Continue reading “Outlook for the Americas: A Tougher Recovery” »

Shifting Tides: Policy Challenges and Opportunities for the G-20

By | July 18th, 2018|Advanced Economies, Europe, Global Governance, Globalization, trade, U.S.|

By Christine Lagarde

July 18, 2018

Versions in عربي中文Español, Français 日本語, Português, Русский 

Cars to be shipped abroad, Jiangsu, China: trade tariffs have gone into effect and export orders have decreased (photo: Imagine China/Newscom)

The artist Claude Monet once said, “I worked without stopping, for the tide at this moment is just as I need it.” As the Group of Twenty finance ministers gather this week at the banks of the Rio de la Plata in Buenos Aires they should be inspired by the words of Monet, and take advantage of global growth before the tides change. Continue reading “Shifting Tides: Policy Challenges and Opportunities for the G-20” »

Chart of the Week: The Productivity Penalty: World Cup Winners and Losers

By | July 2nd, 2018|labor markets, productivity|

By IMFBlog

July 2, 2018 

Versions in  中文, Baˈhasa indoneˈsiaEspañol, Français, 日本語,  Português

Football fans in São Paulo, Brazil watch their team play in the World Cup in Russia (photo: Fotoarena/Newscom)

The World Cup and productivity.  Two of our favorite topics, together in one chart.   Continue reading “Chart of the Week: The Productivity Penalty: World Cup Winners and Losers” »

Economic Preparedness: The Need for Fiscal Space

By | June 27th, 2018|Advanced Economies, capital markets, Debt Relief, Economic research, Emerging Markets, Fiscal, Fiscal discipline, Fiscal policy, Fiscal Stimulus, structural reforms|

By Vikram Haksar, Marialuz Moreno-Badia, Catherine Pattillo and Murtaza Syed

June 27, 2018

Versions in عربي中文Baˈhasa indoneˈsia,  日本語Português

Countries must assess the amount of room in their budgets for increasing spending or cutting taxes (photo: Martin Barraud/iStock by Getty Images)

How much leeway national policymakers have for increasing spending or cutting taxes has been hard to assess. Continue reading “Economic Preparedness: The Need for Fiscal Space” »

How the Commodity Boom Helped Tackle Poverty and Inequality in Latin America

By | June 21st, 2018|Advanced Economies, education, Emerging Markets, inclusive growth, Inequality, Investment, Latin America, Poverty, taxation, wages|

By Ravi Balakrishnan and Frederik Toscani

June 21, 2018 

Versions in Español, Português

People buying produce in a busy market in Bahia, Brazil. During the commodity boom, Brazil saw significant reductions in poverty and inequality (photo: golero/iStock by Getty Images)

Latin America may be the most unequal region in the world, but it is the only region to significantly lower inequality over the past two decades, and the boom in commodity prices helped make it happen.  Continue reading “How the Commodity Boom Helped Tackle Poverty and Inequality in Latin America” »

Chart of the Week: Distribution of Globalization’s Gains

By | May 31st, 2018|Advanced Economies, China, developing countries, Emerging Markets, Globalization, Government, inclusive growth, India, Inequality, U.S.|

By IMFBlog

May 31, 2018

A garment factory in Ethiopia, which globalization has helped to boost its growth (photo: Kay Neitfeld/Newscom).

While globalization is generally good for economic growth, the benefits are subject to diminishing marginal returns, according to a recent study of 147 countries from 1970 to 2014. The study looks at how globalization affects the distribution of incomes across and within countries.   Continue reading “Chart of the Week: Distribution of Globalization’s Gains” »

Victor Lledo

By | April 11th, 2018|

Victor Lledo is a Senior Economist in the IMF’s Fiscal Affairs Department. His main areas of research are  fiscal rules, fiscal councils, and fiscal federalism. He has worked extensively with both advanced and developing economies in several IMF Departments. He has a Ph.D. in Development Studies from the University of Wisconsin-Madison. He also holds a Master in Economics from the Getúlio Vargas Foundation Graduate School of Economics and a Bachelor in Economics from the University of Brasilia, both in Brazil.


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