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Brazil falls in the global ranking of the largest economies. The devaluation of the real and structural obstacles are among the culprits. Meanwhile, other emerging economies are making strong progress. How can Brazil overcome its challenges and resume economic growth?
Brazil, the sleeping giant of Latin America, is once again in the spotlight of the international media, but not for the best reasons.
The country, which was once among the most promising economies in the world, fell to 10th place in the global ranking of the largest economies in 2024.
With the devaluation of the real and internal structural challenges, the Brazilian economy has lost ground, while powers such as Canada and Germany continue to advance.
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According to the most recent report “World Economic Outlook” (WEO), released by the International Monetary Fund (IMF), the United States remains firmly at the top, with a whopping Gross Domestic Product (GDP) of US$29,16 trillion, equivalent to R$176,5 trillion.
China remains the second largest economy, accumulating a GDP of US$ 18,27 trillion (R$ 110,6 trillion), consolidating itself as one of the fastest growing powers.
Brazil, with an estimated GDP of US$2,17 trillion (R$13,13 trillion), is in tenth place, after being overtaken by Canada.
Loss of position: why did Brazil fall?
The devaluation of the real in relation to the dollar is highlighted as one of the main factors that contributed to Brazil's fall in the ranking.
According to experts, exchange rate instability reduces the relative weight of Brazilian GDP in dollars, even when the domestic economy makes progress.
This situation is aggravated by the country's difficulty in implementing structural reforms that promote greater competitiveness in the global market.
Another crucial point is Brazil's excessive dependence on commodities.
Despite being one of the largest exporters of products such as soybeans, meat and iron ore, the lack of economic diversification leaves the country vulnerable to fluctuations in the international prices of these goods.
Compared to other emerging economies, such as India and Indonesia, which have grown at significant rates, Brazil has shown a timid performance.
While these countries invest in technology and infrastructure, Brazil faces bureaucratic and fiscal obstacles that slow its progress.
Who leads the global economy?
The global scenario in 2024 reflects a concentration of wealth in the hands of a few nations.
The United States leads the way, followed by China, which continues to grow in strategic sectors such as technology and innovation.
In Europe, the Germany, with a GDP of US$4,71 trillion, ranks third, reaffirming its role as the continent's economic leader.
Other nations that round out the top ten economies include Japan ($4,07 trillion), India ($3,89 trillion) and the United Kingdom ($3,59 trillion).
These countries present consistent growth strategies, with policies focused on innovation and education.
Brazil, although still one of the largest economies in Latin America, needs to face its internal challenges to avoid continuing to lose positions on the global stage.
The list of the 10 largest economies in 2024, according to the FMI, is as follows:
- United States: US$29,17 trillion
- China: US$18,27 trillion
- Germany: US$4,71 trillion
- Japan: US$4,07 trillion
- India: US$3,89 trillion
- United Kingdom: US$3,59 trillion
- France: US$3,17 trillion
- Italy: US$2,38 trillion
- Canada: US$2,21 trillion
- Brazil: US$2,19 trillion
Country in the context of the Americas
Despite being the largest economy in South America, Brazil is still far behind the United States in the continental context.
While the US GDP is more than 13 times larger, Brazil is struggling to maintain its relevance in the face of growing economies such as Mexico and Chile.
Deindustrialization is also a factor that harms Brazil on the global stage.
In recent years, the country has lost important industries, which has a direct impact on job creation and international competitiveness.
The advancement of other emerging countries
While Brazil faces difficulties, other emerging economies stand out on the global stage.
India, with a GDP of $3,89 trillion, has an impressive growth trajectory, driven by investments in technology and a young, educated population.
Another example is Indonesia, which, with a GDP of US$1,4 trillion, continues to grow at a fast pace thanks to economic policies focused on strengthening industry and international trade.
These countries demonstrate that, with strategic planning, it is possible to overcome challenges and stand out in the global market.
How can Brazil reverse the situation?
To recover positions in the global ranking, Brazil needs to adopt bold and consistent measures.
Investing in education, technology and infrastructure is essential to increase productivity and attract foreign investors.
Furthermore, it is necessary to combat corruption and reduce bureaucracy, factors that drive away investment and impede economic growth.
Greater integration with the international market can also benefit Brazil.
Signing strategic trade agreements and diversifying the economic base are fundamental steps to ensuring sustainable growth.
With so many factors at play, the burning question is: who is really to blame for Brazil's fall in the global economic rankings?
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