The Fiscal Crisis Gets Worse

BRAZIL ECONOMICS - Report 04 Apr 2016 by Affonso Pastore, Cristina Pinotti, Marcelo Gazzano and Caio Carbone

Anybody who has performed an exercise to size up Brazil’s fiscal imbalance will have reached the conclusion that a huge effort will be required, maintained for several years, to stanch the explosive growth of the public debt. In the 12 months through February 2016, the primary deficit reached R$125 billion, with the recurring deficit measuring R$111 billion, equivalent to 1.8% of GDP (Graph 1). Particularly noteworthy is the tendency of the recurring primary deficits, in which case the latest annualized monthly tabulation is near R$200 billion .

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