BRASILIA, 26th January, 2024 (WAM) -- Despite facing various challenges, the Brazilian economy has witnessed positive growth, consistent with global projections, with the country’s economy rising by 3.1 percent in 2023, marginally higher than the 2.9 percent growth in 2022.
According to the World Bank’s latest forecasts, the Brazilian economy will experience a deceleration in growth in 2024 at a projected rate of 1.5 percent. This growth rate is predicted to rise to 2.2 percent in the following year, backed by expectations of falling inflation and interest rates.
The largest in Latin America and the Caribbean, Brazil's economy is powered by various sectors, with the top contributors being the services and agriculture sectors, which are major sources of income, employment, and foreign exchange for the country.
According to estimates, including those of the International Monetary Fund (IMF) for 2023, Brazil’s economy is the ninth largest in the world in terms of GDP, with a recorded AED2.13 trillion, surpassing Russia and Canada.
According to the World Bank, Latin America and the Caribbean experienced an economic slowdown in 2023, with growth reaching only 2.2 percent, and this figure is expected to decline further to 1.6 percent in the current year. This slowdown comes amid rising inflation, tightening monetary conditions, weak global trade, and adverse climate events.