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Brazil ranked 11th among the world's largest economies; now it's the 9th
With a forecast gross domestic product (GDP) growth of 3.1% this year, Brazil will improve two places and become the ninth economy in the world in 2023, the International Monetary Fund (IMF) announced this Tuesday (19). According to the institution, the country is expected to end the year with a nominal GDP of $2.13 trillion, surpassing Canada with an estimated GDP of $2.12 trillion.
Last year Brazil was in 11th place. According to the IMF, Brazil could rise one place by 2026 to become the world's eighthlargest economy with an estimated GDP of $2.476 trillion.
The estimates were released based on the World Economic Perspective report released in October. At the time, the IMF estimated Brazil's GDP growth this year at 3.1%, compared with an estimate of 2.1% in the previous report.
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According to the IMF, the USA, China and Germany remained the world's largest economies this year. The organization forecasts the global economy will slow and grow 3% this year, compared to 3.5% in 2022. For 2024, the IMF estimates global growth at 2.9%.
The IMF forecasts growth of 1.5% for Brazil next year. The forecast is below that of the Organization for Economic Cooperation and Development (OECD), which predicts growth of 1.8% for the Brazilian economy in 2024. The Ministry of Finance forecasts growth of 2.2%.
Check out the ranking of the world's ten largest economies in 2023, according to IMF forecasts:
1. United States $26.95 trillion
2. China $17.7 trillion
3 Germany $4.43 trillion
4.Japan $4.23 trillion
5. India $3.73 trillion
6. United Kingdom $3.33 trillion
7. France $3.05 trillion
8. Italy $2.19 trillion
9. Brazil $2.13 trillion
10. Canada $2.12 trillion
Source: International Monetary Fund
Effects
On the social network
The Chief Minister of the Secretariat of Social Communications, Paulo Pimenta, also celebrated the IMF's announcement by declaring on his social networks that Brazil is “back in the top 10.”