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

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2025. "Brazil: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil," IMF Staff Country Reports 2025/194, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2025/194
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