The document provides an economic outlook for Brazil in 2012. Under a basic scenario where the Eurozone crisis does not worsen, Brazil is expected to see moderate GDP growth of 3.0-3.5% driven by monetary easing, resuming public investments, and expanding credit. Inflation is projected to remain above 5% due to accelerating economic activity and rigid services inflation. Interest rates may stabilize at around 10.5% as inflation picks up in 2013. The current account balance will likely be lower while the Real maintains support around 1.80 to the dollar. Faster public spending could lower the primary budget result to around 2.8% of GDP.
After a solid and broad-based growth for three consecutive years, the world economy is expected to decelerate in 2007, with the growth of world gross product (WGP) moderating to a pace of 3.2 per cent, down from the estimated 3.8 per cent for 2006. The economy of the United States of America will be the major drag for this global slowdown, as its growth is forecast to soften on the back of a weakening housing market to a rate of 2.2 per cent in 2007. No other developed economy is expected to emerge as an alternative engine for the world economy, as growth in Europe is forecast to slow to around 2 per cent and in Japan to below 2 per cent in 2007. There are, furthermore, substantial downside risks associated with the possibility of a much stronger slowdown of the United States economy.
After a solid and broad-based growth for three consecutive years, the world economy is expected to decelerate in 2007, with the growth of world gross product (WGP) moderating to a pace of 3.2 per cent, down from the estimated 3.8 per cent for 2006. The economy of the United States of America will be the major drag for this global slowdown, as its growth is forecast to soften on the back of a weakening housing market to a rate of 2.2 per cent in 2007. No other developed economy is expected to emerge as an alternative engine for the world economy, as growth in Europe is forecast to slow to around 2 per cent and in Japan to below 2 per cent in 2007. There are, furthermore, substantial downside risks associated with the possibility of a much stronger slowdown of the United States economy.
Based on proprietary data and analytic insight, this report gives Dun & Bradstreet's perspective on gloal business conditions for the first half of 2012.
Based on proprietary data and analytic insight, this report gives Dun & Bradstreet's perspective on gloal business conditions for the first half of 2012.
Latin America Risks And Opportunities - Jan 2012ibarraricardo
Key risks and opportunities in Latin America for 2012. This will include an overview of our global and regional views as well as our strategy for Financial Markets in Latin American & the Caribbean.
Economic update – Keith Wade’s presentation at the LBS Investing Strategy event London Business School
Keith Wade is Chief Economist and strategist at Schroders. He is responsible for the economics team and the house view of the world economy. Prior to joining Schroders he was a researcher at London Business School's Centre for Economic Forecasting. In the presentation he discusses the current economic cycle, the likely trajectory and investment options for pension schemes having long term outlooks but short term pressure to manage volatility.
The “Investment Strategy 2013: Peering into the Crystal Ball” event was organised by The Pensions Management Institute and London Business School’s Alumni Club. It took place on 8 October 2012.
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks
Triggers to watch out for:
1. Breaking down GDP Numbers
2. Equity Valuations Update
3. Why ICICI Prudential Accrual Funds
4. Investment Philosophy
Have a detailed insight into a monthly equity and fixed income market outlook.
Read the full document to know more.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
The key differences between the MDR and IVDR in the EUAllensmith572606
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
https://mavenprofserv.com/comparison-and-highlighting-of-the-key-differences-between-the-mdr-and-ivdr-in-the-eu/
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
2. Index
1. International Outlook
2. Domestic Outlook
2
3. International outlook: prospects for 2012
Leverage factors Limiting factors
Recovery of the American
economy; High volatility on the
financial market;
Maintaining positive
growth in the emerging Recession in Europe;
countries : Liquidity in the European
Asia banking system drying up;
Latin America Risk of conflicts in the
Middle East worsening
Central and Eastern (oil);
Europe
3
4. US: recovery of the American economy has strengthened...
ISM: Industry and Services
(purchasing managers index)
60
54
53
50
40 ISM- Non Manufacturing
ISM- Manufacturing
30
Dec-05 Dec-07 Dec-09 Dec-11
Source: Institute od Supply ManagementPrepared by: MB Associados.
Note: Above 50 indicates expansion and below contraction.
4
4
5. US: recovery of the American economy has strengthened...
Consumer confidence Consumer credit
(absolute variation: month over previous
Index month – US$ billion)
(index: base 1985=100)
120
30
20.4
64.5 10
70
-10
-30
20
nov-03 nov-07 nov-11
Dec-03 Dec-07 Dec-11
5
6. US: recovery of the American economy has strengthened...
Investment intentions by
small and medium-sized Corporate credit
(annual variation - %)
companies (index)
NFIB capital spending intentions index
40
35
30
25
20
15
10
Dec-03 Dec-07 Dec-11
Source: NFIB and FED. Produced by: MB Associados.
6
7. US: recovery of the American economy has strengthened...
Job creation*
(absolute variation month over previous month – ´000
450
people)
200
212
-50 -12
Private Sector
Public Sector
-300
Dec-09 Aug-10 Apr-11 Dec-11
Source:BLS. Prepared by: MB Associados. * Seasonally adjusted.
7
8. US: recovery of the American economy starts to gain force
Revisions of GDP growth for Quarterly
2011 and 2012 (%) growth (%)
Mediana 2011 2012
IQ 0,4% 1,9%
IIQ 1,3% 2,1%
IIIQ 1,8% 2,3%
IVQ 2,75% 2,5%
Ano 1,8% 2,2%
8
9. Prospects for growth in Asia
Estimates for GDP Asia should continue to help the
(annual growth- %) recovery of world growth;
2010 2011 E 2012 E
China 10,4 9,2 8,0 Growth in the region (without
Hong Kong 7,0 4,6 1,6 Japan) should be close to 7.0%
India 8,5 6,9 7,3
Indonesia 6,1 6,3 5,5 The slowdown in Chinese growth
Japan 4,0 -0,3 2,5
should continue and be close to
Korea 6,2 3,3 1,9
Malaysia 7,2 4,7 3,0
8.0%, for the following reasons:
Philippines 7,6 3,6 3,3 ‒ Cooling of the housing market but no
Singapore 14,5 5,5 2,0 bubble;
Taiwan 10,7 4,1 1,5
‒ Lower inflation leaves room for easing
Thailand 7,8 1,5 4,0
of the monetary policy to continue;
Asia (without
9,1 6,9 5,9
Japan)
Source: UBS (Asia Economics – Outlook 2012).
Produced by: MB Associados
9
10. Prospects for growth in Latin America
Estimates for GDP – selected countries
(annual growth- %)
2010 2011 E 2012 E 2010 2011 E 2012 E
Argentina 9,2 7,6 3,5 Panama 7,5 8,5 6,6
Bolivia 4,1 4,7 3,7 Paraguay 14,5 4,5 4,0
Brazil 7,5 2,9 3,2 Peru 8,8 6,8 5,2
Chile 5,2 6,2 4,0 Uruguay 8,5 5,6 4,4
Colombia 4,3 5,2 4,5 Venezuela -1,5 3,7 3,9
Mexico 5,4 3,9 3,1
Ecuador 3,6 5,1 3,6 Latin America (*) 6,3 4,1 3,5
Source: Consensus Forecast. Produced by: MB Associados
(*) Estimates include Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and
Nicaragua as well as the countries in the table.
10
11. Risks to the basic scenario: Europe
We believe the European Central Bank´s initiatives have reduced the risk
of a banking crisis by ensuring liquidity in the system through three-year
auctions (another one is set for February 2012), reducing interest rates
and buying sovereign bonds on the secondary market;
However, this improvement does not guarantee that the Euro Zone will
survive under current conditions. Measures to recover the
competitiveness of countries in southern Europe to promote the
resumption of growth remain vital, as well as genuine advances being
made towards a greater fiscal union;
These two conditions require time, great political force and strong fiscal
adjustments. That is why a rupture cannot be ruled out and why the
markets will remain highly volatile in 2012;
11
13. Markets should remain highly volatile in 2012!
Development of the VIX Development of interest
(volatility index of the markets) rates on 10-year bonds (%)
52 40 Greece
Itália
Italy Portugal
Portugal
Espanha
Spain França
France 34.0
42 30
32 20
13.5
22 21 10
7.0
5.1
12 0 3.0
13/01/11 13/07/11 13/01/12 16/1/08 16/1/10 16/1/12
Source: Bloomberg. Produced by: MB Associados.
13
16. Development of agricultural commodity prices (index – 01/Jul=100)
Coffee - NY Coffee - BR
Sugar- NY Sugar - BR
116
125
110 104
95 92
80 80
27/07/11 27/10/11 27/01/12 27/07/11 27/10/11 27/01/12
Corn - Chicago Corn - BR Soybeans - Chicago Soybeans - BR
131 120
114
100
97
80 80
27/07/11 27/10/11 27/01/12 27/07/11 27/10/11 27/01/12
Source: CBOT, CME-NY and CEPEA. Produced by: MB Agro
16
17. Index
1. International Outlook
1. Domestic Outlook
17
18. Brazilian Economic Outlook in 2012
International scenario remains a key factor in determining how
the Brazilian economy will perform in 2012;
Basic Scenario Alternative Scenario
(without rupture and/or
(with rupture and/or banking
banking crisis in the Euro
crisis in the Euro Zone)
Zone)
Moderate growth Growth close to zero or
(from 3.0% to 3.5%) negative
18
19. Basic Scenario: GDP growth
Bases for expansion of GDP:
GDP: ‒ Easing of the monetary policy;
(annual growth - %)
‒ Resumption of public sector
investments (electoral year);
‒ Increase in minimum wage and
7,5 higher employment will continue
5,2 to ensure expansion of real
2,7 3,5 income mass;
-0,3 ‒ Credit still expands in double
2008 2009 2010 2011 2012
digits (nominal) but credit should
(P) (P)
continue to be more selective;
Source: IBGE. Projected and Prepared by: MB Associados
Fonte: IBGE. Elaboração e projeção: MB Associados.
19
20. Basic scenario: inflation
Reasons why inflation should
IPCA remain above 5.0%:
(accumulated growth over 12 months - %)
‒ Economic activity will start to
accelerate once again from the
7.6
second half;
6.7 ‒ Services inflation will remain at a
6.5 high level and is very rigid in
5.8 declining;
5.5 ‒ Agricultural commodities :
4.9
Climatic conditions will continue
4.0 to influence prices as estimates
Mar-08 Oct-09 May-11 Dec-12 for stocks are still tight;
Fonte: IBGE. Elaboraçãoand PreparedMB MB Associados
Source: IBGE. Projected e projeção: by: Associados.
Drought in the south of Brazil
and Argentina has already
affected grain production;
20
21. Basic scenario: interest rates
Inflation Report: The estimates in the December
expectations for the IPCA
(accumulated growth over 12 Inflation Report point to inflation
months - %) picking up again in 2013;
Reference Scenario Market Scenario
6,0
Could the Central Bank have
indicated that the cycle of
5,5 interest rate cuts will be shorter?
5,0 MB has revised its estimates for
the Selic rate in 2012 to 10.5%
4,5
Selic: MB estimate
4,0 (% year)
I/12 III/12 I/13 III/13 2011 11.00
Source: Central Bank. Prepared by: MB Associados.
2012 (P) 10.50
21
22. Basic scenario: current transactions
Trade balance will be lower in
Current Transactions 2012, with more a moderate rise in
(US$ Billion) export prices;
Current Transactions Trade Balance Entry of resources to Brazil will be
limited as long as uncertainty over
the outlook for Europe remains
high;
This situation, combined with the
move towards an appreciation of
the dollar in the international
market, should give the Real a floor
of around 1.80;
Source: Central Bank. Projected and Prepared by: MB
Associados
22
23. Brazilian Economy Outlook
Primary Result Higher public sector spending,
(% of GDP)
particularly investments,
should resume and accelerate,
due to the electoral calendar
and upcoming sporting events;
3,5 3,3 As a result, the government´s
2,8 2,8 primary result should be lower
2,0
than in 2011 and closer to
2.8% of GDP;
2008 2009 2010 2011 2012
(f) (f)
Fonte: Bacen. Elaboração e projeção: Prepared by: MB
Source: Central Bank. Projected and MB Associados.
Associados
23
24. Conclusion
The greatest lesson learned in 2011 was the confirmation that
Brazil cannot grow above 4.0% without creating imbalances;
Supply responds very slowly and growth in consumption ends up
accommodating, bringing higher prices (particularly services)
and/or higher imports. As a result, industry remains stagnant;
Therefore, the Brazilian economy should grow at a more
moderate rate in 2012 (around 3.5%). However, even against this
backdrop of more moderate growth, MB´s basic scenario is
positive, with opportunities in a number of sectors, particularly
those directed at consumer goods, services, agribusiness and oil;
24