In Brazil, GDP grew 4.6 percent in 2021, thanks to strong services growth and a successful vaccination campaign. Significant downside risks remain in an uncertain environment. The 2022 presidential election and the war in Ukraine are pushing up long-term yields, and the monetary tightening to contain inflation is likely to depress growth in 2022. Poverty rates are projected to stagnate in the medium-term, due to a slow labor market recovery. Productivity enhancing reforms are critical to accelerate growth and safeguard fiscal sustainability. This Macro Poverty Outlook presents GDP, debt and fiscal forecasts and examines the implications for critical economic and social concepts such as growth, poverty reduction and macroeconomic stability.