Global expansion will continue in 2014 and 2015, this time with a greater contribution from developed economies.
Brazil will have another bumpy year ahead. Growth will remain low and inflation will continue on the upper boundary of the target range amid more volatile and more sceptical financial markets.
The current environment requires fiscal and monetary policies to have a more restrictive stance. Failing to do will make the country more vulnerable to the Fed tapering.
The exchange rate depreciation process has continued and still has some way to go. This adjustment will add pressure to inflation, but will favour the transition towards a growth model more centred on exports and less dependent on consumption.