This second OECD Economic Survey of Brazil makes a detailed examination of macroeconomic policies, financial markets, the regulatory framework and social policies and expenditure. It finds that the Brazilian economy is bouncing back and is achieving more balanced growth, but that it needs to continue the consolidation of macroeconomic stabilisation. It suggests that the main challenges Brazil faces are improving the quality of fiscal consolidation, enhancing the investment climate, and improving the cost-effectiveness of social programmes.