The Brazilian Economy after the Global Crisis: An Assessment of the Economic Slowdown in 2011–2012

Luiz Fernando Paula, André Melo Modenesi and Manoel Carlos C. Pires

Chapter 3 in The Brazilian Economy Today, 2015, pp 43-73 from Palgrave Macmillan

Abstract: Abstract The Brazilian economy grew only 1.8 percent per annum on average in 2011–2012, in contrast with growth of 3.6 percent per annum in 2001–2010. In spite of the change in the economic policy mix (notably a sharp reduction in the interest rate and currency devaluation) and a fiscal stimulus to manufacturing firms (including a reduction of the tax on some manufactured products and exemption of the payroll in various manufacturing sectors, etc.), economic growth dropped in 2012 (0.9 percent). Such a performance has given rise to some criticism from orthodox economists related to the efficacy of activist economic policy that seeks to to boost sustained growth in Brazil.

Keywords: Exchange Rate; Monetary Policy; Fiscal Policy; Private Bank; Global Crisis (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-54981-5_3

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DOI: 10.1057/9781137549815_3

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