Economic growth has been disappointing since 2011 and the outlook for 2014 is lacklustre. Investor confidence has been hit by a weakening of Brazil's macroeconomic policy framework, tighter global-financing conditions and a moderation in Chinese growth. The current GDP growth rate is around half that achieved 2004-10, when the economy grew by an average of 4.5% 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.
The financial services sector will outpace the overall rate of growth, but it will lose some dynamism as credit growth slows. Credit as a proportion of GDP has more than doubled in the past decade, to 55.9% in March 2014. The role of the state in credit markets has grown since 2008, with public banks now accounting for over 51% of total loans to the private sector (up from 35%).

Financial services report 2

Banks 4

Insurers 6

Asset managers 8

Financial markets and instruments 9

Financial regulation 13

Monetary and currency policy 15

Brazil at a glance 16

Fundamental indicators 17

Key contacts 18

中国科学技术信息研究所