Synthesis of the Brazilian Economy

BRAZIL ECONOMICS - Report 31 Jul 2023 by Affonso Pastore, Cristina Pinotti, Paula Magalhães and Diego Brandao

More favorable international winds along with (preliminary) approval of the fiscal framework and tax reform package, the latter two developments prompting Fitch to raise Brazil’s credit rating to BB, have brought alleviation in the past few weeks. The end of the congressional recess in August portends strong emotions and further bargaining. The fiscal framework bill needs to return to the Chamber of Deputies to resolve the relaxation amendments introduced in the Senate, and the tax reform needs to be examined and approved by the Senate, where the expectation that some of the unjustifiable exemptions and deductions added in the Chamber will be removed. It will only be possible to undertake a more careful analysis of the economic impacts when the definitive texts are known.

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