The International Monetary Fund (IMF) recently released its World Economic Outlook, which predicts that Brazil will become the world's ninth largest economy by the end of 2023.
According to the International Monetary Fund, Brazil's gross domestic product (GDP) is expected to reach $2.13 trillion in 2023, surpassing Canada's estimated GDP of $2.12 trillion this year. The institution has raised its GDP growth forecast for Brazil this year from 2.1% to 3.1%, which has led to a rise in Brazil's ranking in the world economy rankings. According to relevant data, during 2022, Brazil's Gross Domestic Product (GDP) ranked 11th globally.
The International Monetary Fund states:; The upward adjustment for 2023 since July reflects that Brazil's economic growth has exceeded expectations, driven by the booming agriculture, animal husbandry, and resilient service industry recovery in the first half of 2023. The report also points out that with the support of fiscal stimulus measures, the domestic consumer market in Brazil has remained strong.
The International Monetary Fund has also raised its forecast for Brazil's Gross Domestic Product (GDP) in 2024, but still believes that the economic growth rate will be lower than this year. The Fund predicts that the Brazilian economy will grow by 1.5% next year, compared to the previous forecast of 1.2% growth. According to the International Monetary Fund, Brazil may become the eighth largest economy again in 2026.
In the current economic rankings, the top five are: the United States, China, Germany, Japan, and India. Alex Agostini, Chief Economist of Austin Ratings, stated that the nominal exchange rate of the real is currently around 4.99 to the US dollar, which has appreciated by 2.17%. The expert said, "Brazil's growth rate is higher than these countries, and it is also because its currency has appreciated more
According to data previously released by the Brazilian Institute of Geography and Statistics, Brazil's gross domestic product (GDP) grew by 1.8% in the first quarter and 0.9% month on month in the second quarter, showing a promising growth trend. Therefore, the International Monetary Fund has revised Brazil's expected economic growth rate for this year from 3% to 3.5%. Brazil's economic growth is closely related to the country's large-scale harvest of agricultural products and significant growth in exports, Mining and oil production and exports have also had a positive impact on economic development.
Compilation: Marcos
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