Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Alex Ng is the founder and head of research of the economic and investment research house Fortress Hill Advisors. Prior to founding Fortress Hill Advisors, he worked as an economic research analyst across government, academic, and financial institutes including the Hong Kong Financial Secretary’s Office (Office of the Government Economist), Economic Research Center of the Institute of Asia-Pacific Studies at CUHK, and State Street Global Markets. Alex holds a Master of Arts in Economics degree from Columbia University in the City of New York and a Bachelor of Arts in Economics and Mathematics from Wesleyan University (CT, USA).

Our firm's expertise lies in macroeconomics, global macro,  global thematic research, company and equity research, multi-asset strategy, event driven, and ESG.

We also do proprietary trading on the firm's capital, to try to vindicate our investment thesis. Our flagship publication, Heard from Fortress Hill (HFFH) provides our weekly market observations and is freely available on our website: https://fortresshill-advisors.com/hffh/

Founder & Head of Research

Brazil Policy Rate 10.75% (consensus 10.75%) in Sep-24

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Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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<li>Brazil’s fiscal data through August shows a primary deficit of 2.3% of GDP, with expenditure growth outpacing revenue gains despite efforts to increase government income.</li>
<li>Social transfers and unemployment benefits contributed to rising expenditures, now at 20.2% of GDP. The Central Bank’s recent rate hikes increase fiscal pressures, pushing the debt-to-GDP ratio to around 85%. </li>
<li>Over the last 12 months, Brazil has registered a primary deficit of 2.3% of GDP, maintaining a level somewhat stable from the numbers recorded in December 2023.</li>
</ul>


Brazil’s fiscal data through August shows a primary deficit of 2.3% of GDP, with expenditure growth outpacing revenue gains despite efforts to increase government income.
Social transfers and unemployment benefits contributed to rising expenditures, now at 20.2% of GDP. The Central Bank’s recent rate hikes increase fiscal pressures, pushing the debt-to-GDP ratio to around 85%. 
Over the last 12 months, Brazil has registered a primary deficit of 2.3% of GDP, maintaining a level somewhat stable from the numbers recorded in December 2023.


Brazil: High Expenditure Levels Challenge Fiscal Stability