Economy in Brazil: becoming the world’s 5th largest economy by 2023
Brazil is expected to become the world’s fifth largest economy by 2023, behind only the U.S., China, Japan and India, according to projections by the Center for Economic and Business Research (CEBR, its acronym in English).
That year, according to estimates by the British consultancy, the Brazilian economy will surpass that of Britain and Germany. Brazil currently ranks seventh in the CEBR survey, which lists the 30 largest world countries by the size of its nominal GDP.
According to the consultancy, the Brazilian economy will benefit from the growth of population and trade in agriculture, the latter driven by the agreement of theDoha Round of World Trade Organization (WTO) and the GM foods.
The study highlights that in 2011, Brazil had surpassed Britain to become the world’s sixth largest economy, but lost the post the following year due to the devaluation of slower growth and rising political tensions .
This year, the consultancy says, there was little change in the rankings.
Recovered from the recession, Russia took eighth place in Italy. Canada has already started to occupy the tenth position, which hitherto belonged to India due to the devaluation of the rupee.
At the other end of the list, Iran dropped from 21st to 30th place because of economic sanctions in response to the country’s nuclear enrichment program. And South Africa, which until last year occupied the 28th position, out of the list, affected by the slow growth of its economy and the devaluation of the local currency, the rand.
According to the CEBR, China will become the world’s largest economy in 2028, ahead of the United States. In the same year, India will surpass Japan and become the third richest country in the world.
The study also highlights that, although Britain is exceeded by Brazil and India, positioning itself in seventh place in the survey, the British economy will be in 2028, only 3% less than that of Germany and must overcome it to become the largest economy in Europe by 2030.
With the repositioning, China would lead the ranking in 2028, followed by the United States, India, Japan, Brazil, Germany, Britain, Russia, Mexico and Canada