The document discusses the economic outlook for Brazil in 2014, highlighting the negative impact of government policies on the economy. It predicts lower growth due to private sector reluctance to invest and the impact of state-led policies. The document also mentions potential pressure on consumption and employment, and the effect of slower growth in China on Brazil's fiscal revenues and FDI inflows. Despite poor fundamentals, it warns of potential sharp market movements influenced by political factors and events like the World Cup. The document concludes with a recommendation to remain underweight in Brazil due to unattractive stock valuations.
doj/DataSet10/EFTA01451044.pdf
{"title":"GEM Equity Strategy Outlook 2014","key_people":["Jose Carlos de Faria"],"document_date":"December 2013","document_type":"tabular","key_locations":["Brazil","Argentina","Russia","China"],"key_organizations":["Deutsche Bank"]}