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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.

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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.

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 

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.


Latest Posts:

The Decline in Manufacturing Jobs: Not Necessarily a Cause for Concern

By | April 9th, 2018|Advanced Economies, developing countries, Economic outlook, Emerging Markets, Infrastructure, Jobs, labor markets, productivity, Spring Meetings|

By Bertrand Gruss and Natalija Novta

April 9, 2018

Version in عربي (Arabic), 中文 (Chinese),  Español (Spanish), Français (French), 日本語 (Japanese), Português  (Portuguese), Русский (Russian)

Textile manufacturing plant in Recife, Brazil: in many countries, the share of manufacturing jobs is declining (photo: Ingram Publishing/Newscom).

Manufacturing jobs are waning. In many emerging market and developing economies, workers are shifting from agriculture to services, bypassing the manufacturing sector. In advanced economies, the rise in service sector employment typically reflects the outright disappearance of manufacturing jobs. Continue reading “The Decline in Manufacturing Jobs: Not Necessarily a Cause for Concern” »

Policy Actions to Sustain Growth and Guard Against Risks

By | March 15th, 2018|Advanced Economies, Asia, banking, China, developing countries, Economic outlook, Economic research, education, Employment, Europe, exchange rates, exports, Finance, Financial Crisis, Financial markets, Fiscal, G-20, Gender issues, Globalization, Government, growth, IMF, imports, inclusive growth, income, Inequality, inflation, International Monetary Fund, Investment, Jobs, labor markets, Low-income countries, Multilateral Cooperation, productivity, Public debt, taxation, trade, U.S., Uncategorized, unemployment|

By Christine Lagarde

March 15, 2018

Versions in عربي (Arabic),  中文 (Chinese), Español (Spanish), Français (French),  日本語 (Japanese), Português (Portuguese)  Русский (Russian)

Even though the sun still shines on the global economy, there are more clouds on the horizon (iStock by GettyImages).

When the Group of Twenty finance ministers and central bank governors met last October, there was a sense of optimism about the global economic upswing and the opportunities for much-needed reforms.

When they meet again in Buenos Aires next week, their focus will be on the policies needed to protect this upswing against downside risks and bolster growth going forward.

The good news is that the growth momentum has continued to strengthen, involving three- quarters of the world economy.

Continue reading “Policy Actions to Sustain Growth and Guard Against Risks” »

Chart of the Week: Inequality, Your Health, and Fiscal Policy

By | February 5th, 2018|Advanced Economies, China, Economic research, education, Emerging Markets, Environment, Fiscal, Fiscal policy, Global Governance, health, inclusive growth, India, Inequality, International Monetary Fund, Jobs, labor force, Low-income countries, productivity, U.S., unemployment, youth|

By Mercedes García-EscribanoBaoping Shang, and Emmanouil (Manos) Kitsios

February 5, 2018 

 Catania Sicily, Italy.  Men with a lower level of education live shorter lives, on average, than their better educated fellow citizens (photo: Jann Huizenga/Getty Images/IStock).

The gap in life expectancy between rich and poor people is a worldwide phenomenon, and has grown dramatically in recent years in some countries. 

In our Chart of the Week, we show how this longevity gap, which reflects inequality in access to health care and its impact on peoples’ overall health, varies across countries. Men with a lower level of education live shorter lives, on average, than their better educated fellow citizens: this gap ranges from four years in Italy, to 14 years in Hungary, according to the October 2017 Fiscal Monitor. Continue reading “Chart of the Week: Inequality, Your Health, and Fiscal Policy” »

Countries in the IMF Financial Spotlight in 2018

By | January 31st, 2018|Advanced Economies, banking, capital markets, currency, developing countries, Economic outlook, Emerging Markets, Europe, exchange rates, Finance, Financial markets, financial policy, Financing, Fiscal, Fiscal policy, Government, Latin America, Middle East, Public debt, recession, taxation, U.S., Uncategorized|

By IMF Blog

January 31, 2018

Versions in عربي (Arabic),  中文 (Chinese), Français (French), 日本語 (Japanese), Español (Spanish), Русский (Russian)

Financial sector assessments are showing that countries and financial systems are adapting better methods to monitor financial vulnerabilities (photo: Ingram Publishing/Newscom).

The IMF in 2018 will complete ten assessments of countries’ financial systems, to identify risks and propose policies to strengthen their financial stability. Three of this year’s reviews will be for countries with Systemically Important Financial Systems : Belgium, Brazil and Poland. In addition, IMF experts will assess the euro area’s financial stability. Other financial stability assessments will cover Armenia, Jamaica, Namibia, Peru, Romania, and Tanzania.

Continue reading “Countries in the IMF Financial Spotlight in 2018” »

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