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The Brazilian economy will grow above the world average in 2023, according to a UN report

The Brazilian economy will grow above the world average in 2023, according to a UN report

According to UNCTAD, this acceleration comes after seven years of poor performance of GDP compared to other countries of the world.

Finance Minister Fernando Haddad (blue tie) and President Luiz Inacio Lula da Silva. Photography: Fabio Pozeboom – Agência Brasil

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Sputnik BrazilThe Brazilian economy will grow at a pace higher than the world average in 2023, according to a report by the United Nations Conference on Trade and Development (UNCTAD). This acceleration comes after seven years of weak GDP performance compared to other countries of the world.

According to the document, the Brazilian economy is expected to grow by 3.3% in 2023. This rate already represents an improvement over the initial forecast for Brazil’s GDP, which was growing by 0.9%. There is a difference of 2.4 percentage points, the largest increase among all the world’s major economies.

Brazil is also swimming against the tide of the global economy, which, according to the same report, will show a slowdown in growth, from 3% in 2022 to 2.4% in 2023. This is the first time since 2015 that the Brazilian economy has shown a slowdown. A better result than the rest of the world.

GDP growth forecasts place the country closer to its emerging and Asian peers, which average 3.9%, than its Latin American counterparts, which average 2.3%. In comparison, the United States also expects growth of 2%, while Europe, which is going through a political crisis, is seeing growth of only 0.4%.

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However, the UN report expects a slight slowdown next year. In 2024, the organization expects an economic expansion of 2.3%, due in large part to “the monetary tightening that began at the end of 2021 that raised the short-term interest rate on the Brazilian real to 9%” and “the increase in private debt.”

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Which economies will grow the most in 2023 – Brazil is among the economies that will grow the most this year, ranking among the top five economies. Check out the best performing economies in 2023 below.

1. India 6.6%

2. China 4.6%

3. Indonesia 4.2%

4. Türkiye 3.7%

5. Brazil 3.3%

6. Mexico 3.2%

7. Kingdom of Saudi Arabia 2.5%

8. Japan 2.3%

9. Russia 2.2%

10. USA, 2%