Brazil’s macro has weakened for years
The fiscal imbalance is one
- f the highest worldwide
Source: Bloomberg, M&G, 30 June 2018 and 26 September 2018 (latest data available).
BONDVIGILANTES
Unemployment has sharply increased
2 4 6 8 10 12 14
Dec-04 Mar-06 Jun-07 Sep-08 Dec-09 Mar-11 Jun-12 Sep-13 Dec-14 Mar-16 Jun-17 Sep-18
- 12
- 10
- 8
- 6
- 4
- 2
2
Dec-96 Mar-98 Jun-99 Sep-00 Dec-01 Mar-03 Jun-04 Sep-05 Dec-06 Mar-08 Jun-09 Sep-10 Dec-11 Mar-13 Jun-14 Sep-15 Dec-16 Mar-18 Current Account Balance (%GDP) Fiscal Balance (%GDP) 2