OECD Economic Surveys.

Table of contents
 Basic statistics of Brazil (2010 unless noted)
 Executive summary
 Assessment and recommendations
 The country has made a rapid recovery from the crisis
 Table 1. Basic economic indicators
 Table 2. Macroeconomic projections
 Strong and inclusive growth will raise living standards
 Figure 1. The speed of population ageing
 Restraining inflation without attracting volatile capital inflows is still the top macroeconomic challenge
 High returns have attracted capital inflows
 The currency has appreciated, in part reflecting structural changes in the economy. Figure 2. Bilateral and effective exchange rateFigure 3. Terms of trade, private consumption and GDP growth
 Inflation has temporarily moved up beyond the official target range
 Figure 4. Inflation and the unemployment rate
 Figure 5. International reserves
 Refinement of the fiscal framework will help to improve public finances and sustain strong growth
 Fiscal consolidation has started
 Oil revenues should be shared equitably across generations and among regions
 Counter-cyclicality could be increased
 Higher investment rates would allow faster long-term growth. Figure 6. Investment rates in Latin American countriesReforming the pension system would support saving and investment
 Figure 7. Gross national saving in Latin American countries
 Lower interest rates will foster investment
 Figure 8. Real interest rates facing borrowers
 Lower intermediation spreads would reduce the cost of capital
 Without the development of long-term capital markets investment financing will remain stunted
 Figure 9. Earmarked and non-earmarked credit flows
 A lower tax burden would also encourage investment. Greater investment in infrastructure would improve economic performance and social developmentFigure 10. Primary surplus and public infrastructure investment
 The Growth Acceleration programme (PAC) is a laudable initiative
 Environment licensing should be streamlined
 Barriers to investment in certain network sectors should be lifted
 Figure 11. Rail lines
 Other measures to achieve a sustainable rise in living standards
 Maintaining the momentum of poverty reduction is a high priority
 Figure 12. Poverty and income distribution. Education will help to build on recent successes in poverty reductionFigure 13. PISA scores on reading and mathematics
 Continuing to protect forestry is key to achieve sustainable growth
 Summary of recommendations
 Box 1. Summary of policy recommendations for Brazil
 Bibliography
 Annex A1. Progress in structural reform
 Chapter 1. Refining macroeconomic policies to sustain growth
 Fiscal policy
 Fiscal performance has been mixed
 Table 1.1. Government fiscal account, per cent of GDP
 Fiscal consolidation has started
 Box 1.1. The Greater Brazil Plan
 Simplifying the tax system.