MercoPress. South Atlantic News Agency

IMF says Brazil is the 9th economy in the world

“They don't know the work you have to do to be so lucky,” Lula said

According to a report from the International Monetary Fund (IMF) released Tuesday, Brazil is now the ninth-largest economy in the world, thus displacing Canada from that position.

 “They don't know the work you have to do to be so lucky,” President Luiz Inácio Lula da Silva posted on social networks after receiving the news. In 2020, under then-President Jair Bolsonaro, the South American country had fallen to 12th place.

Between 2009 and 2014, during the end of Lula's second term and the beginning of Dilma Rousseff's administration (2011-2016), Brazil became the sixth-largest economy in the world, surpassing even the United Kingdom in terms of Gross Domestic Product (GDP).

According to the IMF document, the world's top 20 economies in 2023 are the United States, China, Germany, Japan, India, the United Kingdom, France, Italy, Brazil, Canada, Russia, Mexico, South Korea, Australia, Spain, Indonesia, Turkey, the Netherlands, Saudi Arabia, and Switzerland.

The report highlights that Brazil's GDP is estimated at US$ 2.13 trillion. The Gross Domestic Product (GDP) is a macroeconomic magnitude that expresses the monetary value of a country's or region's production of goods and services for final demand during a given period, usually one year or quarterly. According to the IMF, ''GDP measures the monetary value of final goods and services, which are purchased by the end user, produced in a country over a given period of time.”

The GDP reflects the economic evolution of a country and enables comparisons with other countries while understanding the dynamics of growth and/or economic development, among others.