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RIO Country Report Brazil 2015

The RIO International Country Report for Brazil analyses and assesses the Brazilian research and innovation system, including the main challenges, framework conditions, regional R&I systems, and international co-operation, including with DG JRC.
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Abstract

The political and economic crisis in Brazil intensified in 2015 and the President Rousseff was impeached. However, the legitimacy of the impeachment process has been questioned which led to a high level of uncertainty. The International Monetary Fund (IMF) forecasted a recession of 3.5% in 2016 with a recovery predicted only for 2018. Besides, the unemployment rate has been going up, inflation rose up to 10,84% (well above the inflation target range of 2,5%-6,5%), consumer confidence is at its worst since 2005 and the currency has weakened significantly against the dollar. The adoption of the needed fiscal adjustment measures by the Congress has proven to be a very difficult exercise, including a Wellfare Reform.