With growth forecast at 3.1 percent in its gross domestic product (GDP) this year, Brazil should jump two positions and become the world’s ninth largest economy, the International Monetary Fund (IMF) announced recently.
The country’s end the year GDP is about $2.13 trillion, overtaking Canada’s estimated $2.12 trillion, the institution stated. Last year, Brazil ranked 11th.
By 2026, Brazil could rise one position and become the eighth largest economy on the planet, with an estimated GDP of $2.476 trillion, the IMF argues.
The forecasts were based on the World Economic Outlook report released in October. At the time, the IMF estimated a growth of 3.1 percent in Brazil’s GDP this year, against a predicted 2.1 percent in the previous report.
According to the IMF, the US, China, and Germany should continue to be the world’s largest economies this year. The agency projects that the global economy slowed down in 2023, rising by three percent, compared to 3.5 percent in 2022. For 2024, the IMF estimates a global expansion of 2.9 percent.
For Brazil, the IMF projects an increase of 1.5 percent in 2024. The prediction is lower than that of the Organization for Economic Cooperation and Development (OECD), which expects the Brazilian economy to expand by 1.8 percent in 2024. The Ministry of Finance projects a growth of 2.2 percent.
Here is the ranking of the world’s ten largest economies in 2023, according 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.
Source: Agência Brasil