Economic

Economic

1. Expansion

   • Maximum limit
   • Global expansion
     • Avoid Protectionist measures
     • Cooperative solutions

2. Increase

   • Less synchronized

3. Balanced of risks

   • Low

4. Global economic

5. Financial conditions

   • Higher financing costs
   • Exchanges rates
   • Reductions of capital inflows

6. Politics and Reforms

   • Activity maintenance
   • Increase in growth
   • Improvement of Inclusivity

7. Avanced economies

   • share price is high
   • Accommodative financial conditions
   • The economic is influenced by the dollar and the euro
     • Global perspective
     • Global growth
     • Dollar
       • No changes for 2018 and 2019
     • EURO
       • Gradual slowdown

8. Emerging economies

   • Slightly reduced share price
   • Weak emerging economies
     • Concern about inbalances
     • Increase of risks for the low perspective
     • Financial and commercial tensions
   • Financial conditions
     • Banks are key
   • Global growth
   • Global Perspective
   • Emerging economies of Asia
     • Solid Performance
   • Emerging economic of Latin America
     • Increase in growth
       • Short term
     • Growth perspective difficult to determine
       • Growth paused
         • Medium term
         • Global structural reform
           • Strengthen institutional and political frameworks
             • Increase productivity
             • Financial release
             • Commercial release
           • lasting increase in the economy
       • Fiscal consolidation
       • Political uncertainty