The Fiscal Adjustment Battle: First Moves

BRAZIL ECONOMICS - Report 20 Jun 2016 by Affonso Pastore, Cristina Pinotti, Marcelo Gazzano and Caio Carbone

The government took an excellent first step toward the fiscal adjustment by sending to Congress a proposed constitutional amendment (PEC) establishing a cap on growth of the central government’s primary expenditures. But this is just the start of a long and arduous adjustment that will have to extend beyond 2018. Why is the situation so extreme? How workable will it be to stay under the spending limit in the coming years? How long will this adjustment have to continue beyond 2018?

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