Brazil becomes the ninth largest economy in the world, surpassing Canada

Brazil- Brazil overtakes Canada and consolidates as the ninth largest economy in the world.

The data was reported by the Brazilian presidency in a note published on the X platform in which it confirms the forecasts of the International Monetary Fund (IMF) published in the October edition of the World Economic Outlook.

“We end the year in an extraordinary way. People are happier, Brazil grows, wages go up, unemployment goes down. It is a pleasant situation, considering that we found a country destroyed by the previous government,” wrote President Luiz Inacio Lula da Silva.

Brazil climbs two places in the rankings compared to last year thanks to a combination of a more favorable exchange rate and higher-than-expected economic growth.

IMF analysis published in April predicted that the country would gain tenth place this year and reach ninth place next year, regaining the position it held in 2019 before the coronavirus pandemic.

However, according to current forecasts, influenced by encouraging data regarding the first three quarters of 2023, Brazilian GDP will close at $2.127 billion, $9 billion more than Canada’s, which lands in the tenth.

Italy ranks eighth, not far behind, with 2.186 billion dollars.

Seventh place goes to France with $3.049 billion.