A World Bank report published on April 30th points Brazil as the world’s seventh largest economy. The study uses the Purchasing Power Parity (PPP) criteria, which is considered the best method for economic power comparison, since it adequately reflects the cost of living. The data released by International Comparison Program (ICP) refer to the year of 2011 and cover 199 economies.
The report indicates that in 2011 Brazil’s GDP reached $ 2.8 trillion, which is equivalent to 18% of U.S. GDP (it was equivalent to 12.8% in 2005). The world economy produced goods and services worth over $ 90 trillion in 2011, and that almost half of the world’s total output came from low and middle income countries.
One of the highlights of the report is China, whose GDP by PPP was $ 13.5 trillion in 2011 (87% of the U.S., against 43% in 2005). India also appeared with force in the report, taking the place of Japan as the world’s third largest economy, confirming the growing importance of emerging countries.