IMF Staff Country Reports

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

July 17, 2025

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International Monetary Fund. Western Hemisphere Dept. "Brazil: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil", IMF Staff Country Reports 2025, 194 (2025), accessed July 17, 2025, https://doi.org/10.5089/9798229017602.002

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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.

Subject: Central bank policy rate, Credit, Environment, Exchange rates, Financial services, Fiscal policy, Fiscal stance, Foreign exchange, Greenhouse gas emissions, Inflation, Labor, Labor markets, Money, Prices, Public debt

Keywords: Central bank policy rate, Credit, Exchange rates, Financial sector stability, Fiscal stance, Greenhouse gas emissions, Inflation, Labor markets

Publication Details

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