Economy: Brazil Is Back to World’s Top Ten

“They don’t know the work you have to do to be so lucky,” President Luiz Inácio Lula da Silva posted on social networks after receiving the news. In 2020, under then-President Jair Bolsonaro, the South American country had fallen to 12th place.

Between 2009 and 2014, during the end of Lula’s second term and the beginning of Dilma Rousseff’s administration (2011-2016), Brazil became the sixth-largest economy in the world, surpassing even the United Kingdom in terms of Gross Domestic Product (GDP).

According to the IMF document, the world’s top 20 economies in 2023 are the United States, China, Germany, Japan, India, the United Kingdom, France, Italy, Brazil, Canada, Russia, Mexico, South Korea, Australia, Spain, Indonesia, Turkey, the Netherlands, Saudi Arabia, and Switzerland.

The report highlights that Brazil’s GDP is estimated at US$ 2.13 trillion. The Gross Domestic Product (GDP) is a macroeconomic magnitude that expresses the monetary value of a country’s or region’s production of goods and services for final demand during a given period, usually one year or quarterly.

According to the IMF, ”GDP measures the monetary value of final goods and services, which are purchased by the end user, produced in a country over a given period of time.”

The GDP reflects the economic evolution of a country and enables comparisons with other countries while understanding the dynamics of growth and/or economic development, among others.

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 will slow down this year, 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 next year. 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.

The head of the president’s Secretariat for Social Communication, Paulo Pimenta, also celebrated the announcement by stating on his social networks that Brazil is “back in the top 10.”



You May Also Like

Brazilian electronic ballot.

Left and Right in Brazilian Presidential Elections

The next Brazilian presidential election, in October, 2022, will probably be polarized between Jair ...

Brazil Sets Itself Up for 20 Years of Lean Cows

As of Tuesday, December 13, Proposed Constitutional Amendment (PEC) 55 – formerly PEC 241 ...

Michel Temer, then vice-president, at the arrival of União frigate in Lebanon

Brazil Leads UNIFIL, a Task Force to Keep Peace Between Lebanon and Israel

The Maritime Task Force (FTM, per its Portuguese acronym) of the United Nations Interim ...

Asprational Power

Brazil’s Rule-Taker Role and Its Inability to Become a Rule Maker

Book Review: Aspirational Power: Brazil on the Long Road to Global Influence by David ...

Brazil’s Finance Minister Sees ‘Vigorous Growth” and 1.5 Million New Jobs in 2006

Brazil’s Minister of Finance, Antonio Palocci, told reporters on Friday, December 23, that Brazil ...

Federal Police agents visit Odebrecht

Brazil’s Odebrecht Bribe Bug Has Already Infected 11 Countries

Despite their different political affiliations and ideologies, Colombian President Juan Manuel Santos, former Brazilian ...

Oil Rig

Brazil’s Black-Gold Fortune Was Nothing But Fool’s Gold

The process of growth and modernization in Brazil in the last fifteen years has ...