tailieunhanh - OECD Economic Surveys BRAZIL

Looking forward in the context of all source markets, the Department of Immigration and Citizenship (DIAC)’s grants for the higher education visa – the 573 visa – declined in 2009‐10 to 118,541, a decrease of on 2008‐9 grants of 133,990, almost all of which is attributable to a fall in Indian higher education visa grants. Offsetting this change somewhat was the relatively healthy outcome for the postgraduate research visa, which increased by . Overall, combined onshore and offshore grants for higher education visas fell by around in 2009‐10. Significantly, combined offshore grants fell by in 2009‐10. . | OECD Economic Surveys BRAZIL J J OCTOBER 2011 OVERVIEW OECD Summary Since the mid-1990s Brazil has enjoyed improved economic and financial stability largely owing to a strengthening of its macroeconomic framework. Social progress has also been impressive with a marked fall in poverty and inequality. Increasing attention has been devoted to environmental sustainability. In order to quickly catch up with the group of high-income countries the overriding need is to achieve strong and sustainable growth. This will require continued good macroeconomic social and environmental policies and structural reforms designed to boost savings and investment and foster infrastructure development. Higher international uncertainties and cross-country interdependence rapid population ageing and a greater reliance on oil revenues will call for policymakers to expand their tool kit to respond to this challenge. The key macroeconomic challenge is to damp inflation in a context of abundant global liquidity The economy recovered rapidly from the 2008-09 global crisis thanks to a timely policy response. Annual growth in 2010 was the strongest in two decades. Driven by both structural factors and international financial conditions the real has steadily appreciated since 2003 except during the 2008 financial crisis and more recently when a flight from risk in the midst of financial-market turbulence weakened it. Inflation pressures have emerged. To prevent excessive currency fluctuations and safeguard financial stability the authorities initially combined increases in interest rates and reserve requirements with foreign exchange intervention and a temporary tax on short-term capital inflows IOF . As the global outlook worsened the policy mix was shifted toward easier monetary policy and some fiscal consolidation. If that proves insufficient in the current uncertain environment policymakers can have recourse to macro-prudential measures or adjusting the IOF. However they should rely more .

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