A survey with 29 countries that have already released data for GDP (Gross Domestic Product) for 2021 shows that the average growth of these economies was 5.4%, according to data made available by the OECD (Organization for Economic Cooperation and Development).
Considering this group, the 4.6% increase in Brazil’s GDP released this Friday (4th) by the IBGE (Brazilian Institute of Geography and Statistics) places the country below average and in 18th place, tied with Canada and Portugal. Turkey, Colombia and China top the list, while Germany and Japan are at the bottom.
Brazil’s GDP is 0.5% above the pre-pandemic fourth quarter of 2019, but remains 2.8% below the highest point of economic activity in the historical series, reached in the first quarter of 2014.
The number reflects the strong recovery seen in the second year of the pandemic, after the fall recorded in 2020. The most recent projection by the IMF (International Monetary Fund) points to growth of 5.9% in the world economy last year, after a 3 .1% recorded a year earlier.
Looking at the years 2020 and 2021 together, 23 of 33 economies with data available in the OECD system returned to the pre-pandemic level, in the last quarter of 2019. On average, all these countries advanced about 2% in these two years. In other words, they did little more than zero losses.
Turkey, Israel and Colombia appear again among the positive highlights. At the other end are again Japan and Germany.
The OECD’s assessment of Turkey highlights the country’s vaccination progress and inflation among the highest on the planet (almost 50% in 12 months), at a time when the local central bank cuts interest rates to stimulate the economy and local currency loses value.
Israel also stands out for its rapid vaccination, but it lives with more moderate inflation and low interest rates. Colombia’s results were boosted by low interest rates, government stimulus and a reduction in savings accumulated in the previous year. Of these three, only Israel is expected to sustain good results in 2022.
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