Questõesde FGV sobre Inglês

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FGV 2013 - Inglês - Interpretação de texto | Reading comprehension

In paragraph 2, the sentence “That joke, however, is becoming less funny” most likely refers to which of the following ideas?

A
It is no longer surprising when a weather forecast is inaccurate.
B
Bad weather can be inconvenient in any situation and so is not inherently funny.
C
As global weather conditions are becoming more and more severe, an inaccurate weather forecast could be disastrous. 
D
Someone who suffers because of an inaccurate weather forecast is less likely to make jokes about extreme weather.
E
The world’s increasing tendency to suffer from extreme weather conditions has made weather forecasting even more vulnerable to inaccuracies.
4c8947be-d7
FGV 2013 - Inglês - Interpretação de texto | Reading comprehension

According to the information in the article, which of the following was a characteristic found exclusively in those snails trained in epi-infused water?

A
The training sessions made their pneumostomes more sensitive to physical stimulation.
B
They developed a lower tolerance to oxygen-poor water.
C
On average, they incorporated new behavioral patterns three times faster than did snails trained in plain water.
D
After they had been trained to modify one kind of behavior, it was relatively easy to train them to modify other kinds of behavior.
E
After they had been trained to modify one kind of behavior, it was relatively hard to train them to abandon that modified behavior.
4c85b2dc-d7
FGV 2013 - Inglês - Interpretação de texto | Reading comprehension

According to the information in the article, which of the following is most likely one of Kenneth D. Lukowiak’s opinions?

A
Epi will work on humans in the same way that it works on pond snails.
B
Epi works by circumventing the nervous system of the pond snail.
C
A connection between the serotonin receptors and the osphradium allows pond snails to optimize epi’s memory-enhancing benefits.
D
Neurons may be essential components in the way epi works on pond snails.
E
Epi’s ability to improve memory in pond snails is still a promising but unproved hypothesis.
4c8e6aa0-d7
FGV 2013 - Inglês - Interpretação de texto | Reading comprehension

According to the information in the article, the author thinks it is unusual that

A
weather forecasting seems to attract only second-rate scientists.
B
although weather forecasting is a fundamentally important activity, people tend to consider it hopelessly untrustworthy.
C
people refuse to take weather forecasting seriously, even though recently it has been shown to be very effective.
D
people seem to believe that weather forecasting is more of an exact science than it really is.
E
the vital social and economic importance of weather forecasting is something that people never take into consideration.
4c80ab6b-d7
FGV 2013 - Inglês - Interpretação de texto | Reading comprehension

According to the information in the article, Kenneth D. Lukowiak and his team discovered in one test that

A
snails in plain water needed fewer training sessions in order to modify their breathing habits.
B
they could modify the snails’ breathing habits by stimulating the snails’ lungs rather than their pneumostomes.
C
a group of snails could stay below the surface of epi-infused water for three days in a row.
D
the modified breathing behavior of snails in epi-infused water lasted more than 20 hours longer than did that of snails in plain water.
E
it was possible to train two groups of snails to breathe less frequently both underwater and at the surface of the water.
4c6fc9eb-d7
FGV 2013 - Inglês - Interpretação de texto | Reading comprehension

According to the information in the article, Kenneth D. Lukowiak and two colleagues

A
identified Lymnaea stagnalis as the type of pond snail most affected by epi.
B
tried to find out what effect epi has on the memory of the pond snail Lymnaea stagnalis.
C
discovered that, in some cases, epi weakens the breathing system of the pond snail Lymnaea stagnalis.
D
tested the hypothesis that epi is the only flavonoid that improves the memory of the pond snail Lymnaea stagnalis.
E
suggested that epi’s memory-enhancing properties work only for the pond snail Lymnaea stagnalis.
4c74c318-d7
FGV 2013 - Inglês - Interpretação de texto | Reading comprehension

According to the information in the article, pond snails

A
have two lungs for breathing underwater but only one lung for breathing at the surface of the water.
B
breathe through their skin when they are out of water.
C
rely on the pneumostome to breathe when they leave water that contains little oxygen.
D
regulate their breathing as an automatic response both to extreme climatic conditions and to the presence of strong physical stimuli.
E
cannot breathe through the pneumostome after they leave oxygen-rich water.
4c7ab26d-d7
FGV 2013 - Inglês - Interpretação de texto | Reading comprehension

In the last sentence of paragraph 2, “that” in “And that is what the team did” most likely refers to which of the following?

A
By physically manipulating the snails’ pneumostomes at the right moment, the team trained the snails to modify their breathing habits.
B
By incapacitating the snails’ breathing orifices at the right moment, the team was able to test the snails’ ability to remember.
C
By stimulating several parts of the snails’ respiratory systems at the right moment, the team strengthened the snails’ ability to remember.
D
By touching the snails’ pneumostomes at the right moment, the team trained the snails to breathe through their skin when out of water.
E
By putting the snails in epi-infused water at the right moment, the team trained the snails to spend more time breathing at the surface of the water.
4c663837-d7
FGV 2013 - Inglês - Interpretação de texto | Reading comprehension

According to the information in the article, epicatechin (epi)

A
is the most abundant and beneficial of all the flavonoids.
B
is a “superfood” chemical found in most organic-food items.
C
is often prescribed in order to stimulate the brain’s ability to remember.
D
was found to be the one element that chocolate, green tea, and red wine have in common.
E
may be useful in strengthening the body against certain health problems.
4c6b77d2-d7
FGV 2013 - Inglês - Interpretação de texto | Reading comprehension

In paragraph 1, the sentence “But is that so?” most likely means approximately the same as which of the following?

A
Is it true that epi really does offer a number of health benefits?
B
Is it possible that snails can improve their memory by consuming epi?
C
Is improved memory the most important benefit that results from consuming epi?
D
Could it be that epi strengthens rather than weakens the ability to remember?
E
Do only humans gain an improved memory by consuming epi?
703d2ffd-b6
FGV 2016 - Inglês - Advérbios e conjunções | Adverbs and conjunctions

In the excerpt of the fourth paragraph “Brazil, for example, is known as a vulnerable market due to the commodities downturn”, the expression in bold introduces a

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
contrast.
B
probability.
C
rank.
D
cause.
E
consequence.
705ce085-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

The survey mentioned in the text

Leia o texto para responder a questão.


Economists Reduce Outlook for Brazil Inflation – Survey

By Rogerio Jelmayer – Dow Jones Business News 


Shutterstock phot


   Economists reduced their inflation estimate in Brazil for this year and next year, according to the central bank’s weekly survey of 100 economists published Monday. Economists now expect inflation, as measured by the consumer-price index, to be 7.25% this year, compared with last week’s estimate of 7.34%, the survey showed.

     Economists estimate Brazil’s gross domestic product is likely to contract 3.14% this year, compared with an expected contraction of 3.15% in last week’s survey. Last year, Brazil’s economy contracted 3.80%, according to the country’s statistical bureau, IBGE. For 2017, economists reduced their view of GDP growth to 1.30% from 1.36%.

(www.nasdaq.com. 26.06.2016. Adaptado)

A
was conducted by central bank’s economists.
B
revealed that inflation estimate lowered for 2016.
C
compared past established inflation rates.
D
provided reliable data based on future expectations.
E
demonstrated that gross domestic product in Brazil won’t improve.
704badbf-b6
FGV 2016 - Inglês - Aspectos linguísticos | Linguistic aspects, Vocabulário | Vocabulary, Interpretação de texto | Reading comprehension

In the excerpt of the sixth paragraph “However, there are signs things are being turned around” the word in bold can be replaced, without meaning change, by

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
Nevertheless.
B
Inasmuch.
C
Unless.
D
Furthermore.
E
Throughout.
70503cb3-b6
FGV 2016 - Inglês - Vocabulário | Vocabulary, Interpretação de texto | Reading comprehension

In the excerpt of the sixth paragraph “Once political stability returns, the government will be empowered to do even more”, the word in bold expresses an idea of

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
uniqueness.
B
consequence.
C
condition.
D
substitution.
E
purpose.
7053d6b9-b6
FGV 2016 - Inglês - Vocabulário | Vocabulary, Interpretação de texto | Reading comprehension

In the excerpt of the seventh paragraph “Work on structural reform should accelerate too”, the word in bold can be replaced, without meaning change, by

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
used to.
B
ought to.
C
had to.
D
might
E
would.
70591b51-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

In the title of the text, the word “outlook” means

Leia o texto para responder a questão.


Economists Reduce Outlook for Brazil Inflation – Survey

By Rogerio Jelmayer – Dow Jones Business News 


Shutterstock phot


   Economists reduced their inflation estimate in Brazil for this year and next year, according to the central bank’s weekly survey of 100 economists published Monday. Economists now expect inflation, as measured by the consumer-price index, to be 7.25% this year, compared with last week’s estimate of 7.34%, the survey showed.

     Economists estimate Brazil’s gross domestic product is likely to contract 3.14% this year, compared with an expected contraction of 3.15% in last week’s survey. Last year, Brazil’s economy contracted 3.80%, according to the country’s statistical bureau, IBGE. For 2017, economists reduced their view of GDP growth to 1.30% from 1.36%.

(www.nasdaq.com. 26.06.2016. Adaptado)

A
prospect.
B
opinion.
C
quality.
D
nature.
E
aspect.
70420305-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

Based on the fourth paragraph, the fifth paragraph presents Brazil as

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
a dominant market because its score is low.
B
a country on the way of future recovery.
C
too dependent on commodity production.
D
an immediate solid investment option.
E
a politically unstable country.
7046fa3b-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

In the sixth paragraph, the text indicates Brazil should

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
turn things around.
B
tighten monetary policy.
C
stop creating surprises.
D
cut excessive lending.
E
increase domestic demand.
7034a9fc-b6
FGV 2016 - Inglês - Interpretação de texto | Reading comprehension

In the excerpt of the third paragraph “We have devised a formula to help us evaluate the fundamental strength”, the word in bold refers to

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
investors.
B
marketing specialists.
C
the article’s author.
D
emerging market investors.
E
the Templeton Global Macro team.
70228f8e-b6
FGV 2016 - Inglês - Aspectos linguísticos | Linguistic aspects, Interpretação de texto | Reading comprehension

In the excerpt of the first paragraph “While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group”, the word in bold can be correctly replaced by

Leia o texto para responder a questão. 

Patience is needed for Brazil to come good again

Michael Hasenstab

Dr. Michael Hasenstab is executive

vice-president, portfolio manager

and chief investment officer of

Templeton Global Macro


    The Olympic Games in Rio drew global interest to Brazil, but the country and the rest of South America has been in sharp focus for investors all year. They have flocked to the region as part of a broader migration into emerging market debt, following record low valuations and the hunt for yield in a low interest rate environment. While investors have been presented with a rarely seen buying opportunity in emerging markets like South America, it is a mistake to regard these countries as a homogenous group.

    That leaves the challenge of working out which are the most attractive opportunities – some of our best known investments were not obvious choices.

    We have devised a formula to help us evaluate the fundamental strength of different emerging market countries. It scores a country’s current and projected strength on five factors: how well it has learnt the lessons from past crises; the quality of its policy mix; the structural reform being undertaken to boost productivity; the level of domestic demand; and its ability to resist external shocks. The aim is to pick nations that are fundamentally strong but, for one reason or another, are out of favour with investors. It can take time for the market to catch up to reality. But if you are a long-term investor – and we are certainly in that camp – you have the luxury of being able to wait.

    Brazil, for example, is known as a vulnerable market due to the commodities downturn, the ongoing corruption crisis and ensuing political turmoil, but our work suggests to us that it is poised for a potentially significant rebound in the long term. Its current score is low, but its projected future score tells a different story.

    We believe the country has learnt the lessons from the most recent crisis, which brought home the importance of having a sustainable fiscal policy. It has already adopted a flexible exchange rate, has strong foreign exchange reserves and has limited short-term debt. This is also reflected in the country’s improving resilience to external shocks, with a reliance on commodities, at 60 per cent of exports, being the largest remaining negative.

    It is perhaps no surprise, given Brazil’s deep recession and political instability, that there is much work required in terms of improving policy mix, making structural reforms and boosting domestic demand. However, there are signs things are being turned around, with monetary policy already being tightened aggressively to bring inflation expectations back under control, and the previously excessive levels of governmentsubsidised lending being cut. Once political stability returns, the government will be empowered to do even more.

    Work on structural reform should accelerate too, as Brazil’s middle class has made it clear it wants greater transparency and an economic policy framework that can both boost living standards and improve the environment for businesses.

(www.ft.com. 01.09.2016. Adaptado) 

A
Although.
B
Whenever.
C
Likewise.
D
Unless.
E
Therefore.