Brazil's Senate will decide on pension reform on Wednesday. Next up, tax cuts to help Brazil compete globally with China.
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“There are structural impediments in Brazil even with pension reform passing, but this new government is giving us some light at the end of the tunnel,” says Pedro Zevallos, co-portfolio manager for Dalton Investments, a $3.4 billion asset manager. “If they can finally pass this, it will send a positive message to the market.”
Weak demand kept inflation in check, so Brazil’s Central Bank has been able to cut interest rates. High costs of capital have been a perennial roadblock to domestic corporate investment and consumption in Brazil. Domestic credit is now cheaper than it has ever been.In the last 15 years, Brazil’s economic growth boomed thanks to the external factors of a commodity super cycle.
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