Brazil faces several economic challenges. This year’s Brazil Economic Conference focused on three central themes: 1) international trade and investment, 2) infrastructure investment, and 3) inflation and all that goes with it on the monetary and fiscal fronts. These themes are on a collision-course with the 2022 general elections.
On the trade front, the promise of a more open Brazil ran into the pandemic, especially protectionist policies undertaken by other countries in reaction to COVID-19. The Brazilian government seems poised to push for more opening. Foreign investment took a dip over the last two years but appears to have started a recovery. Several initiatives are needed to ensure continued recovery. One of the priorities, as always, is infrastructure investment. The Brazilian government has returned to auctioning concessions and assets and passed important legislation, especially in oil and gas. Finally, Brazil has not escaped the inflationary consequences of emergency fiscal and monetary expansion. Questions on whether the government will stick to fiscal rules, especially in light of the appearance of a large stock of unpaid judicial ruling debt (precatórios), have arisen. The Central Bank of Brazil continues to tighten, but how far will it have to go?
We had great discussions with key policymakers, market participants, and private sector investors and heard what lies ahead.
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PANEL 1 – BRAZIL ECONOMIC AND POLITICAL OUTLOOK*
Paulo Vieira da Cunha, Partner, VERBANK Consulting, LLC
Gustavo Franco, Former President, Central Bank of Brazil, Managing Partner, Rio Bravo Investimentos S.A.
Isaias Coelho, Special Advisor, Ministry of the Economy (Brazil)
Thiago de Aragão, Partner, ArkoAdvice
* Discussion of the current economic and political outlook in Brazil by economists, analysts, and political consultants
PANEL 2 – A CONVERSATION ON SUSTAINABLE INVESTMENT AND GREEN FINANCING*
Larry Fink, CEO, BlackRock
Ernesto Torres Cantú , CEO, Citi Latin America
*Q&A with Brazilian asset managers
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