OECD Economic Outlook, Volume 2006 Issue 1
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Brazil
Economic growth disappointed in 2005, but recovery is now under way, underpinned by resilient private consumption and strong net exports. Investment is set to bounce back. Disinflation is ongoing. External vulnerability indicators have improved markedly, and the trade and current account balances continue to post robust surpluses. The policy mix remains tilted towards monetary restraint, despite the steady decline in interest rates. The consolidated primary budget surplus target is likely to be met, but the fiscal stance will become expansionary in 2006. There is growing concern that further reform is needed to arrest the increase in current expenditure commitments.
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