The chief economist for Brazil Morgan StanleyAna Madeira, said this Tuesday (9) that the tax arrangement Brazilian economy remains a warning point for the attractiveness of foreign investors.
“When we monitor the fiscal measures that were taken and the data within these fiscal measures, which have a direct impact on the accounts, and the indirect impacts with quasi-fiscal or quasi-fiscal measures, we arrive at a sum that is significant”, observed the economist, during a Lide seminar, in São Paulo.
“It’s something that, in our view, is also starting to weigh a little on investors’ minds,” he added.
Madeira recalled that the country went through one at the beginning of the year. “We saw a reduction in the risk faced by foreign investors in Brazil,” he said.
At the beginning of the year, according to her, Brazil was “relatively well positioned”, with a high carry, an appreciating real and lower volatility, given the lack of major news in the fiscal area at the moment.
Soon after, he stated, the oil shock came, and Brazil was one of the countries least directly affected.
“It’s a fact, the high price of a barrel helps the tax authorities, and, from an inflation point of view, the country is able to delay the effects of the shock with mitigation measures”, highlighted the economist.
However, now, with , volatility traditionally tends to increase in the second half of the year.
“Soon, the topic of investors is starting to change a little, that is, the driving theme market issues”, he added, referring to fiscal concerns.
