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Financial News: BRAZIL: Outlook Is Uninspiring And Reforms Are Needed,

BRAZIL: Outlook Is Uninspiring And Reforms Are Needed, IMF Says

05/25/2018 - 19:47:00 (RTTNews)

(RTTNews) - Brazil is still under a mild economic recovery, but the outlook for the future is "uninspiring" if the country refrains from adopting structural reforms, according to the International Monetary Fund (IMF).

"The output gap is large, public debt is high and increasing, and, more importantly, medium-term growth prospects remain uninspiring, absent further reforms," the agency said in its country's regular assessment report.

The Fund says that in a context of less favorable financial conditions abroad, Brazil should seek fiscal consolidation, "ambitious" structural reforms as quickly as possible and a stronger financial sector architecture.

"This will require strong leadership and resolve. Recent measures, notably the ceiling on federal expenditures, and reforms of the labor and subsidized credit markets are welcome and should help boost confidence, but much more is needed," the IMF said.

The Fund suggests that monetary policy should remain accommodative in the short term to facilitate the economic recovery, since inflation is running below the central bank target. The fiscal adjustment "should accelerate" and the exchange rate should remain flexible to absorb external shocks.

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