The new Composite Leading Economic Index (CLEI) - which intends to anticipate the cycles of the Brazilian economy -, launched yesterday by FGV's Brazilian Institute of Economics (IBRE) in partnership with The Conference Board, indicates that Brazil will not have a robust growth in 2013.The survey indicates that the decline of 2% in industrial production published in May, the continuing high levels of inflation and the government's expansionary monetary policy has contributed to the economic slowdown of the country.According to IBRE's economist, Paulo Picchetti, we are at a different stage from what we witnessed in 2005 when, in an effort to improve the economy, the government encouraged consumption through tax exemption. Today, this same strategy is already showing exhaustion. We are talking about another moment, since even the Brazilian Central Bank is proceeding with the increase in the basic rate of interest.Click here to read more details on the results of the new economic indicator (in English).