According to estimates from international institutions, the Brazilian economy continues to grow despite the challenges it faces, with growth reaching 3.1% in 2023, up from 2.9% in the previous year.
According to the recent predictions of the World Bank, the economic growth in Brazil is expected to slow down this year, with an estimated growth rate of 1.5%.
It is anticipated that this percentage will increase to 2.2% in the following year, supported by expectations of a decline in inflation rates and a decrease in interest rates.
The Brazilian economy, which is the largest economy in Latin America and the Caribbean region, relies on a diverse range of sectors, with services and agriculture at the forefront. These sectors are considered sources of income, employment opportunities, and foreign currency in the country.
According to estimates, including those from the International Monetary Fund for the year 2023, the Brazilian economy is considered the ninth largest in the world in terms of its GDP, which reaches 2.13 trillion dirhams, surpassing Russia and Canada.
The Brazilian economy has been affected over the years by various factors, both negative and positive. The COVID-19 pandemic has led to a slowdown in economic growth worldwide, including in Brazil. Additionally, regulatory and geopolitical conditions, inflation, and interest rates have also contributed to an atmosphere of uncertainty in the economy.
According to the World Bank, Latin America and the Caribbean experienced an economic slowdown in 2023, with a growth rate of only 2.2%, and it is expected to decrease to 1.6% this year. This slowdown is occurring in the context of rising inflation rates, tightening monetary conditions, declining global trade, and adverse climate events.
According to the October report by the International Monetary Fund and the January report by the World Bank, the Brazilian economy grew by 2.9% in 2022, with expectations that the growth will reach 3.1% in 2023, and then decline to 1.5% in the current year.
It is mentioned that Brazil achieved a trade surplus of $98.8 billion in 2023, making the surplus for the year 60.6% higher than in 2022, when it reached $61.5 billion, according to data published by the Brazilian Ministry of Development, Industry, and Trade.
The ministry clarified that Brazil’s exports were valued at $339.7 billion, compared to imports of $240.8 billion.(WAM)
