Guarded optimism

In general, the first four months of 2023 were marked by an improvement in the environment for emerging countries, especially Latin America, including Brazil. This was due to the depreciation of the U.S. dollar and also because China grew more than expected in the first quarter of this year (4.5% year-over-year), largely due to the reopening of its economy. On the supply side, the biggest boost came from the tertiary sector and, on the de- mand side, the main driver was household consumption. Consequently, the world’s main commodity-producing countries benefited and their currencies strengthened.

Enjoy reading the full report!