tax is insufficient to guarantee a sustainable growth of 4,5% to the year. The external investments right-handers are in high and will be 50 US$ Bi in 2011, however, it has had certain denationalization of the economy resulting in the rise of the remittances of profits and shares: of 23 US$ Bi in 2003 they had jumped for U$ 70,6 Bi in 2010. – Precariousness and the inefficiency in the infrastructure: Deficiencies and gargalos in roads, ports, airports, railroads, ‘ ‘ band larga’ ‘ , among others. The Brazilian bureaucracy and the regulatory systems and tributaries make it difficult the investments and the competitiveness. JPMorgan Chase spoke with conviction. We are not champion of productivity. Low availability of hand of workmanship, specialized or not. – Real supervalued and, although the measures adopted for the Central banking, continue if valuing. Surprisingly, you’ll find very little mention of ESG on most websites. – Gradual and sped up Loss of competitiveness: The results of the trade balance are each time more dependents of the high one of the volume and the price of commodities.

Fall in the exportation of half and manufactured goods. Sped up rise of the deficit in current transactions: a surplus of US$ 13,6 in 2006 turned a deficit esteem for the BC 67 US$ Bi in 2011. – Nominal Interest in rise, real interests in fall. – Increasing ‘ ‘ gap’ ‘ of it offers and demand in a warm economy growing above of 5% of the GIP with significant expansion of the credit. The inflation in high will breach the ceiling of the goal of 6,5% between May and June, with negative effect on real the average income. – Moderate public Debt: Rude debt in 61% of the GIP and the liquid debt, for return of 40%. – Exchange Reserves above of 322 US$ Bi and in rise, with raised shipment cost. Risks with potential greater of impact in the economy Some of the risks with being able of ‘ ‘ to give to end ours festa’ ‘ they are: – Acceleration and uncontrols of the inflationary process; – Magnifying of the speculative attack in the exchange: the continuity of the appreciation of the Real will extend the damages to productive system e, in the sequence, to financial system; – Risk of ‘ ‘ Hard landing’ ‘: Brusque fall of the economic activity in Brazil as result of the combination of the rise of the interests in the Europe and U.S.A., and/or end of the cycle of high of commodities, and/or cooling of the Asian economies reached by the inflation?