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Pedro Bastos September , 2013

Pedro Bastos September , 2013. Disappointment with Brazil given recent economic performance…. GDP Growth. Source: HSBC Global Asset Management – Brazil/ IBGE. … commodities and consumption having a lower impact on the overall economy. Brazilian exports price index. Unemployment rate (%).

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Pedro Bastos September , 2013

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  1. Pedro Bastos September, 2013

  2. Disappointment with Brazil given recent economic performance… GDP Growth Source: HSBC Global Asset Management – Brazil/ IBGE

  3. … commodities and consumption having a lower impact on the overall economy Brazilian exports price index Unemployment rate (%) Source: HSBC Global Asset Management – Brazil/ Funcex/ IBGE

  4. Next growth phase must have investments as the key driver Investment rate (Investments / GDP) Competitiveness Index (Lower = more competitive) Source: HSBC Global Asset Management – Brazil/ World Bank/ IBGE

  5. Brazil has a solid background Good starting point Public Debt (% of GDP) International reserves (USD billion) Source: HSBC Global Asset Management – Brazil/ Brazilian Central Bank

  6. Brazil has a solid background An attractive demand for the medium term • The last few decades were a period of relevant advances. Some examples: • Opening of the economy, privatizations • Some important reforms (Financial system, partial social security reform, fiscal responsibility law) • Micro reforms: civil construction, credit market • Brazil has an attractive potential in different segments: • Consumption: • Economic and social improvement (GDP per capita, mid-income class) • Structural advantages (large population, demographics, etc) • Investments • Infrastructure pent up demand • Projects due to one-off events and projects • Exports • Well positioned as a key commodity supplier • Latin America region has an attractive potential over the long term

  7. Forecasts Source: HSBC Global Asset Management – Brazil

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