With development forecast at 3.1 p.c in its gross home product (GDP) this yr, Brazil ought to soar two positions and develop into the world’s ninth largest economic system in 2023, the International Monetary Fund (IMF) introduced Tuesday (Dec. 19).
The nation ought to finish the yr with a GDP of $2.13 trillion, overtaking Canada’s estimated $2.12 trillion, the establishment said. Last yr, Brazil ranked eleventh.
By 2026, Brazil might rise one place and develop into the eighth largest economic system on the planet, with an estimated GDP of $2.476 trillion, the IMF argues.
The forecasts have been based mostly on the World Economic Outlook report launched in October. At the time, the IMF estimated a development of three.1 p.c in Brazil’s GDP this yr, in opposition to a predicted 2.1 p.c within the earlier report.
According to the IMF, the US, China, and Germany ought to proceed to be the world’s largest economies this yr. The company initiatives that the worldwide economic system will decelerate this yr, rising by three p.c, in comparison with 3.5 p.c in 2022. For 2024, the IMF estimates a worldwide enlargement of two.9 p.c.
For Brazil, the IMF initiatives a rise of 1.5 p.c subsequent yr. The prediction is decrease than that of the Organization for Economic Cooperation and Development (OECD), which expects the Brazilian economic system to broaden by 1.8 p.c in 2024. The Ministry of Finance initiatives a development of two.2 p.c.
Here is the rating of the world’s ten largest economies in 2023, in response to IMF projections:
1. US – $26.95 trillion;
2. China – $17.7 trillion;
3. Germany – $4.43 trillion;
4. Japan – $4.23 trillion;
5. India – $3.73 trillion;
6. UK – $3.33 trillion;
7. France – $3.05 trillion;
8. Italy – $2.19 trillion;
9. Brazil – $2.13 trillion;
10. Canada – $2.12 trillion.
On X, Brazilian President Luiz Inacio Lula da Silva celebrated the outcome with a joke: “You don’t know how much work goes into being so lucky…”
The head of the president’s Secretariat for Social Communication, Paulo Pimenta, additionally celebrated the announcement by stating on his social networks that Brazil is “back in the top 10.”
Source: Agencia Brasil