The past few years have been an exceptional expansionary period for international markets with strong global growth, low inflation and ample liquidity. This long expansionary phase, which is natural in any economic cycle, has ended. An adjustment in the level of production as well as the level of price is necessary through a period of lower growth.

During the expansionary period, a space was opened for Brazil to switch to new levels of economic growth. The country has maintained a responsible economic policy based on the tripod formed by the inflation targeting system, floating exchange rate and fiscal balance.

Compared to other countries, Brazil will present better relative performance in the future based on some of the following reasons:

1) Asset position in foreign currency in the public sector.
2) Strength of balance of payments.
3) Increase in internal demand at a rate of 8% per year.
4) Low degree of leverage of the Brazilian economy.