Brazil has leapfrogged Italy to become the world’s 8th largest economy, according to the latest data from the International Monetary Fund (IMF). The South American giant climbed the rankings in the first quarter of this year, with its gross domestic product (GDP) reaching US$2.33 trillion – up from US$2.17 trillion at the end of 2023.
The US and China’s economies have remained in 1st and 2nd place since China overtook Japan in 2010. The two superpowers’ GDPs currently amount to US$28.78 trillion and US$18.53 trillion, respectively. Rounding out this year’s top eight largest economies to date are Germany (US$4.59 trillion), Japan (US$ 4.11 trillion), India (US$ 3.94 trillion), the UK (US$3.5 trillion) and France (US$3.13 trillion). Italy and Canada completed the top 10.
Brazil’s 2.2 percent growth rate in the first quarter fell short of the global average (3.2 percent), making it the second slowest growing economy out of the titular BRICS countries (Brazil, Russia, India, China, South Africa). But it was above the advanced economies’ average of 1.7 percent.
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Eighth is not Brazil’s record-high spot in the GDP charts. The IMF had the country ranked 7th between 2010 and 2014 – though there were reports it overtook the UK and moved into 6th place during that period, due to changes in inflation rates.
In 2019, before the Covid-19 pandemic decimated the global economy, Brazil had the 9th largest GDP in the world, according to IMF data. It fell to 12th place in 2020, stayed there in 2021, then embarked on its steady climb.
IMF projections have Brazil staying put in 8th place for the next five years. The IMF has forecast just two changes to the GDP rankings in that period: for India to overtake Japan in 2025, then Germany in 2027 – which would make the South Asian economy the world’s third largest.
