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Financial News: BRAZIL: OECD Increases 2018 GDP Growth Forecast To

BRAZIL: OECD Increases 2018 GDP Growth Forecast To 2.0%, From 1.6%

05/30/2018 - 20:19:00 (RTTNews)

(RTTNews) - The Brazilian economic recovery is gaining strength, and that led the Organisation for Economic Co-operation and Development (OECD) to upgrade the country's 2018 GDP growth forecast to 2.0%, from 1.6% in a previous estimate. In 2019, the Brazilian economy should grow 2.8%, according to the group.

"Solid investment growth reflects improving confidence thanks to recent reform efforts, including in financial markets. Surprisingly low inflation has enhanced the room for monetary easing, which has improved financial conditions. Growth is expected to gain momentum on the basis of further improvements in investment and a recovery of private consumption on the back of lower inflation," the OECD said.

The report, however, points that fiscal sustainability and investor confidence in Brazil will be jeopardized without a pension system reform.

"The sustainability of public debt and compliance with existing fiscal rules will require structural changes in public expenditures, as the current primary balance of -1.6% of GDP is significantly below the estimated +2% required to stabilize the public debt ratio in the medium term," the group said.

OECD also points that "strengthening the focus of social spending towards those most in need and scaling back ineffective regressive tax breaks and subsidies for specific economic sectors can make public expenditures more effective and more inclusive, and rein in opportunities for corruption."

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