Brazil Economic Outlook. First quarter 2015

Brazil has a year of low growth and high inflation ahead. As in 2014, GDP growth will be around zero and inflation will be nudging the 6.5% ceiling of its target range in 2015. The shift in economic policy and exchange rate weakening are pre-requisites for the country to return to growth. Nonetheless, together with the impact of the deterioration in the terms of trade, the Petrobras crisis and the shortage of water and electricity will exert a detrimental effect in the short term.

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