A pick-up in household consumption and an improvement in investment kicked the economic recovery into a higher gear in Q3. The government is embroiled in a last-ditch effort to pass a watered-down version of the pension reform bill before the end of the year—a measure that was first presented almost a year ago. The bill needs a three-fifths supermajority to pass parliament, and it is uncertain if President Michel Temer has the support needed; the window for economic reforms in the country is quickly closing ahead of the October 2018 elections.
