Brazil’s gross domestic product saw its largest growth since 2021. The expansion of industry, construction, and household consumption were some of the key drivers. As unemployment reached the lowest unemployment, Brazilians increased their spending.
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A report released by the International Monetary Fund on Tuesday (11) presents a projection of growth for the economy of the Arab country, mainly based on public investments, strong tourism, and the increase in natural gas production.
The outlook for this year points to expansion with controlled inflation, even amid rising domestic demand in the North African country.
Projection is included in the budget approved by the Senate. Exports and imports are also expected to grow this year compared to 2024.
Estimates from the National Bank of Kuwait indicate expansion of the country’s non-oil GDP.
The countries that make up the BRICS house more than 40% of the global population and account for over a third of the world economy. With a reformist agenda for the international order, the group works to increase its global influence.
The International Monetary Fund praises the country’s economic policy management and economic resilience but warns about regional instabilities and climate challenges.
The Arab country’s GDP may slow down in 2024, the same as it did in 2023, but an expected reversal of oil production cuts paves the way for 2.8% growth next year, the IMF said.
The Arab country’s GDP grew specially because non-oil activities. The manufacturing sector performed well, as did the financial and insurance sectors, professional, scientific and technical activities, transportation and storage, and information and communication.
Last year, the Saudi economy was boosted by private consumption and non-oil investment. According to the IMF, the country is making progress in its diversification efforts. Non-oil GDP is expected to grow by 3.5% in 2024.
Brazilian economy grew 3.3% year on year in the second quarter and 1.4% compared to the first quarter. Services and industry sectors led growth in both comparisons.
After a visit to the country and discussions with Kuwaiti authorities, the International Monetary Fund says the economy is projected to contract by 1.4% in 2024.
The International Monetary Fund (IMF) said that notwithstanding the pickup in growth, continued efforts to address water scarcity and enhance governance are essential to bolster Morocco’s growth.
GDP registered an annual 2.8% decrease thanks to a drop in oil activities.
