Brazil will be the 5th largest economy in 2023, predicts consultancy.
A report from the British Centre for Economic and Business Research (CEBR) goes against the tide of pessimistic analyses made by economists and columnists in the Brazilian press; according to CEBR, Brazil should surpass developed economies, such as Germany and the United Kingdom, within ten years; the estimate is that the gain in agricultural productivity and the result of the historic agreement achieved at the WTO, in the Doha Round, will bring great benefits to Brazilians; China would become the world's leading economy in 2028.
247 - Going against the tide of pessimistic analyses from most economists and columnists in the Brazilian mainstream media, the Center for Economics and Business Research (CEBR) makes a very positive prediction about Brazil: the country will be the fifth largest economy in the world in 2023. Currently, Brazil's GDP occupies seventh place in the CEBR ranking, which lists the 30 largest in the world.
According to a report released by the British consultancy, the largest economy in Latin America will overtake developed economies such as Germany and the United Kingdom within a ten-year period (see graph below). The Research Center points out that Brazil had already moved from seventh to sixth place globally in 2011, but lost that position due to low growth and currency devaluation.
The analysis suggests that the ever-increasing productivity gains in the agricultural sector and the historic trade agreement signed between WTO countries in the Doha Round, under the leadership of Brazilian Roberto Azevêdo, will bring great benefits to the country. By then, according to the report, Brazil's GDP will jump from the current US$2,2 trillion to US$3,7 trillion. Furthermore, according to CEBR's forecast, the world's largest economy in 2028 will be China.