Lula da Silva: We are on track to become eighth largest economy in the world

President Luiz Inacio Lula da Silva said he will aim to end his presidential term by bringing Brazil to the sixth largest economy in the world. The country returned to the top 10 in March this year. 

"Our GDP grew by 2.5 per cent in the last 12 months," Lula said at the FII Priority summit in Rio de Janeiro. "We are on track to become the eighth largest economy in the world, and by the end of our mandate we could be the sixth." 

According to data released by the Brazilian Institute of Geography and Statistics (IBGE) earlier this month, Brazil's economy grew by 0.8 per cent in the first three months of 2024. This is reported by Brasil 247, a partner of TV BRICS.

Brazil's GDP continues to grow at a faster rate than forecast. Over the past 12 months, GDP has grown by 2.5 per cent.