The International Monetary Fund (IMF) calculates that the Brazilian economy grew more than that of China in 2022. According to estimates released this Tuesday (31), the Chinese economy – the second largest in the world – expanded by 3%, while the Brazil’s Gross Domestic Product (GDP) grew by 3.1%. This possibility had been proposed at the end of September by the then Minister of Economy, Paulo Guedes.
The IMF data, it is worth mentioning, are preliminary, since the official figures for the two countries are still to be released. If the projections are confirmed, it will be the first time that Brazil grows more than China in 42 years.
The Chinese economy had a very complicated 2022, marked by the slowdown in economic activity, as a result of strict Covid-19 containment rules, which limited industrial production, domestic sales and international trade. One of the examples of this situation was the blockages registered in the first half of the year in important medical centers in Eastern China, such as the regions of Shenzhen and Shanghai.
Brazil, meanwhile, benefited especially from the performance of economic activity in the first half. Data from the Brazilian Institute of Geography and Statistics (IBGE) show that in the first months of the year, the Brazilian GDP expanded by 3.2% compared to the same period in 2021. Services drove performance, with an increase of 4.4% .
The scenario was completely different in 1980, the last time Brazil enjoyed it more than China, then the seventh largest economy in the world. The growth rates in that year were 9.2% and 7.8%, respectively.
source: Gazeta do Povo
The Bolsonaro Government, even in the face of the pandemic and war, took office in January 2019 during its first year in office, with an unemployment rate of 11.6% in the quarter ended in December 2018.
However, in January 2023, handed over to Lula the country with an unemployment rate of 8.1%, the lowest since 2015. Brazil ended 2022 with a positive balance of 2,037,982 formal jobs.
Bolsonaro was the only President of the Republic to complete his term in December 2022 with inflation in Brazil 5.79% lower than that of Italy 11.6%, United Kingdom 11.5%, OECD 10.5%, European Union 9.3%, Euro Zone 9.2%, Germany 8.6%, USA 6.5% and France 5.9%.
Bolsonaro took office with 14,403 unfinished works. In 2019, upon taking office, Bolsonaro received 14,403 unfinished works, according to the TCU.
During the term, even with the pandemic, this volume decreased to 7,862. Lula, in turn, received, during his government, at least 8,600 unfinished works, according to the TCU.
In 2019, during the first year of the Bolsonaro government, Brazil created 644 thousand jobs with a formal contract, the best result in six years, that is, since 2013. years, since 2013.
According to data released by the National Treasury Secretariat, the surplus (when revenues exceed expenses) was R$ 54 billion. Public debt stood at 73.5% of GDP in December, the lowest level since 2017.
The Central Bank reported that the country’s gross debt closed 2022 representing 73.5% of GDP. This December result is the lowest proportion since July 2017, when the ratio between public debt and GDP was 73.18%.
The data also indicates that the government of Jair Bolsonaro managed to fulfill the promise of delivering the country with a smaller debt than it found.
In December 2018, gross debt was equivalent to 75.27% of GDP. According to data from Caged (Cadastro Geral de Empregados e Desempregados), the Jair Bolsonaro (PL) government created 5,266,277 jobs in the 4 years of his term.@fillipeberenguer
The IMF updated data on global economic growth and indicated that Brazil’s GDP advanced more than that of China and the United States in 2022.
The data for Brazil will only be officially confirmed on March 2, when the IBGE will release the final and consolidated result of the total goods and services produced in Brazil in the last year.
Information from the IMF shows that the Brazilian economy grew by 3.1% last year, surpassing China’s economic growth (3%), an event that had not occurred since 1980. Disregarding the peak year of the pandemic, in 2020, Chinese GDP growth is the lowest since 1976.
According to preliminary estimates by China’s National Bureau of Statistics, China’s GDP was 121 trillion yuan in 2022 (US$18 trillion in direct conversion).
Regarding Brazil, in January 2022, the IMF had projected that the national GDP would grow by only 0.3% in the year. Meanwhile, it estimated that the economies of France, the United States, Germany and China would grow by 3.5%, 4%, 3.8% and 4.8% respectively. When faced with these projections, the former Minister of Economy, Paulo Guedes, warned of inaccuracies and predicted that the real performance of the Brazilian GDP would exceed the expectations of the IMF, which ended up happening.