According to the International Monetary Fund (IMF), Brazil will advance its position as the ninth largest economy in the world in 2023, instead of 2024, due to a combination of a more favorable exchange rate and stronger economic growth than expected. The IMF estimates that Brazil’s GDP will reach $2.127 trillion this year, surpassing Canada and reaching the ninth position. This increase in economic growth is the result of factors such as the strength of the agricultural sector, economic reforms over time, and improved macroeconomic prospects. Additionally, the appreciation of the real and the decline of the dollar have also contributed to this improvement. The IMF projects Brazil to grow by 3.1% in 2023 and anticipates a slowdown to 1.5% in 2024.
Source: Datamar News / Valor Economico