Economic growth has been disappointing in Brazil since 2011 (GDP growth is estimated at only 0.4% for 2014) and our outlook is for only a mild pick-up. Investor confidence has been hit by a weakening of the country's macroeconomic policy framework, government interventionism, tighter global financing conditions and a moderation in Chinese growth. The president, Dilma Rousseff, was re-elected in October for another four years, meaning that policymaking is unlikely to improve much. Forecast GDP growth rates of around 2% in the medium term are far below those achieved in 2004-10, when the economy grew by an average of over 4% annually. The current malaise is also the result of a tight labour market and competitiveness shortcomings, including poor infrastructure, red tape and a heavy tax burden.

Financial services report 2

Banks 3

Insurers 6

Asset managers 8

Financial markets and instruments 9

Financial regulation 12

Monetary and currency policy 14

Brazil at a glance 15

Fundamental indicators 16

Key contacts 17

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