The International Monetary Fund (IMF) assessed that the impact of tariffs imposed by the United States on the Brazilian economy tends to be limited. This containment is due to the fact that the US represents 11% of Brazilian exports, and several products, such as coffee, beef, energy, and aircraft parts, were exempt from the surcharge.
The report indicated that in August 2025, North American tariffs on most Brazilian imports reached 50%, raising the effective rate to 29.1%, a level higher than the average applied to other nations. However, the IMF highlighted that there were reductions in rates in November 2025 and February 2026, which brought the effective rate down to 12.2%.
Although Brazilian exports to the US fell after the tariff increase in 2025, the international body observed a gradual recovery starting in November of the same year. Part of this recovery capacity is attributed to increased soybean sales to China and growing exports to other regions.
Despite the scenario of trade tensions, the IMF emphasized that the Brazilian external sector maintains factors of solidity. Among these factors are international reserves, which totaled 358 billion dollars at the end of 2025, and the existence of a flexible exchange rate regime. The IMF also mentioned that Brazil has been seeking to diversify its trading partners, citing the Mercosur-European Union agreement, already ratified and in the implementation phase, as an element that can strengthen economic resilience against external shocks.
The IMF warned, however, that an intensification of global trade disputes could affect foreign investment and international trade. The agricultural sector is considered particularly vulnerable to supply chain disruptions, especially concerning fertilizers. The Fund stressed that the primary risk lies in the escalation of geopolitical tensions, notably in the Middle East, which could raise inflation and, due to tighter financial conditions and lower global demand, decrease economic activity.
In the overall analysis, the institution maintained a growth forecast of 2.4% for the Brazilian economy in 2026 and 2.5% in the medium term, classifying the country as 'notably resilient' to external shocks, despite existing fiscal and productivity challenges.
To improve the situation, the IMF suggested that 'a more ambitious fiscal effort' would be necessary to put public debt on a consistent downward trajectory and free up resources for priority investments, proposing, for example, the reduction of tax benefits deemed ineffective. The Fund assesses that the current fiscal adjustment is insufficient to reduce public debt and advocates for complementary measures, such as reserving part of the additional revenue from oil and making the budget less rigid.
According to the Fund, the gross debt of the Brazilian Government should reach 97.8% of GDP in 2026 and stabilize at around 106% of GDP by 2035, using the institution's methodology. Furthermore, the report projects that inflation will reach 5.6% by the end of 2026, slowly converging to the 3% target only by mid-2028.
In response to the report, the Brazilian Central Bank stated that the IMF team recognizes the role played by the inflation targeting regime and the country's economic policy framework.
Events are taking place in Tashkent as part of the 'Global Business Services Forum (GBSF) - 2026'—the largest international platform focused on the development of global business services, the digital economy, and artificial intelligence in Central Asia. The forum started on July 24–25 of this year.
More than 450 representatives from international companies, investors, government bodies, and industry specialists from over 45 countries are participating in the event.
At the opening ceremony, the Minister of Digital Technologies, Sherzod Shermatov, emphasized that thanks to large-scale reforms implemented in Uzbekistan over recent years, a modern and competitive ecosystem for the development of information technologies has been formed. He noted that the country offers international companies not only favorable conditions for doing business but also access to highly qualified personnel, modern digital infrastructure, and a developing regional market.
Sh. Shermatov added that when IT companies open in Uzbekistan, they receive full support from both the government and IT Park. Tax incentives are provided for companies and their employees operating until 2040. Additionally, the Enterprise Uzbekistan initiative is being launched, which provides the most favorable legal conditions for further business development in the country.
The Minister also highlighted that one of Uzbekistan's main strengths is its young and talented human capital. He mentioned the growing international recognition of the reforms, specifically Uzbekistan receiving the status of 'Country of the Year 2026' as a state with the most developed startup ecosystem.
The forum continued with discussions on current trends in the field of global business services. Sessions covered issues such as expanding service operations, staff training, business process transformation, and the implementation of artificial intelligence in global service centers.
A number of memoranda were signed during the event aimed at developing the global business services ecosystem and expanding international cooperation in Uzbekistan. These include a memorandum between IT Park Uzbekistan and Sonect (Teleperformance) on developing cooperation in IT outsourcing and BPO, as well as joint projects and experience exchange.
Today, July 25, is scheduled for the announcement of financial results for the first quarter of the fiscal year 2027 (Q1FY27) from a number of companies. Among them are AU Small Finance Bank, IDFC First Bank, Zen Technologies, Vedant Fashions, Birla Corporation, Prudent Corporate Advisory Services, Five-Star Business Finance, SBFC Finance, Dodla Dairy, Seshasayee Paper and Boards, Surana Solar, and 3P Land Holdings.
Also today will present their reports firms such as High Energy Batteries (India), Nila Infrastructures, FCS Software Solutions, SKP Securities, Exxaro Tiles, Suryalakshmi Cotton Mills, Sachem Finserve, Mercury Laboratories, Dhanuka Realty, Sea TV Network, Katipatang Lifestyle, Lexoraa Industries, and Veronica Production.
The state power producer NTPC reported a 13 percent increase in consolidated net profit compared to the previous year for the April-June period. The company's net profit in Q1FY27 reached 6,896.44 crore rupees, up from 6,108.46 crore rupees the previous year. Total revenue for the quarter amounted to 51,141.51 crore rupees, higher than the figure of 47,821.11 crore rupees for the same period last year.
Indian stock indices continued their five-day streak of declines on Friday. This marked the longest streak of declines since January, as investors assessed inflation and economic growth forecasts amid high crude oil prices. The Sensex index fell by 332 points, or 0.43 percent, closing at 76,059.77, while the Nifty50 declined by 102.15 points, or 0.43 percent, settling at 23,767.45.
Among the main losers on the Nifty50 were Eternal, Bajaj Finance, and Mahindra & Mahindra. Broader markets also closed in the red: the Nifty MidCap and Nifty SmallCap indices adjusted by 0.10 percent and 0.32 percent, respectively. In sector indices, Nifty Auto showed the worst performance, declining by 1 percent, while Nifty Realty and Nifty Pharma also showed negative dynamics. Meanwhile, the Nifty Media and Nifty IT indices demonstrated better results compared to the overall market.
The Minister of Finance, Economic Development and Investment Promotion of Zimbabwe, Mutuli Ncube, announced that Zimbabwe has joined the BRICS New Development Bank (NDB). This step is expected to expand the country's access to development financing and investments.
According to the Ministry of Information, Publicity and Broadcasting Services on the social network X, membership in the bank will improve access to financial resources for development, deepen economic cooperation with BRICS nations, and provide Zimbabwe with a more significant representation in global economic decision-making.
The New Development Bank was established in 2014 by countries such as Brazil, Russia, India, China, and South Africa, and began its operations in 2015. It finances projects in infrastructure and sustainable development in both BRICS countries and other developing and emerging economies.
Zimbabwe applied to join the bank in 2023, with negotiations for its acceptance progressing toward early 2026. Furthermore, the country submitted an official statement expressing its desire to join the BRICS bloc itself.
