Mexico has moved up 4 positions and now holds the 12th place in global economies.

Mexico has advanced four positions, from 16th to 12th place, within the group of the 20 largest economies in the world, securing the 12th position, as reported by the International Monetary Fund (IMF).

As of December 4th, updated figures indicate that Mexico's Gross Domestic Product (GDP) will close the year at the equivalent of 1.81 trillion dollars. This marks a significant increase of 400 billion dollars compared to the IMF's previous year estimate of 1.4 trillion dollars.

Impact of the Pandemic

With this economic value, Mexico has surpassed South Korea (1.71 trillion dollars), Australia (1.69 trillion dollars), and Spain (1.58 trillion dollars) in the past year.

The Mexican economy has managed to gradually recover from the impact of the COVID-19 pandemic. In 2020, the year in which measures were implemented to curb the virus's spread, the GDP contracted by 8 percent.

Despite this growth, Mexico remains the second-largest economy in Latin America, after Brazil.

Brazil Secures 9th Place Worldwide

Meanwhile, Brazil has reached the ninth position worldwide, with the IMF estimating a GDP of 2.13 trillion dollars. This surpasses the 1.9 trillion dollars recorded in 2022 when Brazil held the 12th place among the 20 largest economies in the world.

According to IMF data, the total GDP of Latin America amounts to 6.5 trillion dollars. Combining the data from Brazil and Mexico, these two countries represent 39.3 percent of the region's economy.

In the past year, Brazil has surpassed Canada (10th) and Russia (11th) in the ranking, as reported by Sputnik, citing the IMF and the Brazilian government.

The news was celebrated by the Brazilian government, and President Luiz Inácio Lula da Silva ironically commented on Twitter that they do not know how much work it takes to be so lucky to achieve these economic results.

Forbes highlighted various strengths of the Brazilian economy in agriculture, mining, manufacturing, and services. The country positions itself as a significant global center for agricultural production and exports.

Rise of China

Gross Domestic Product (GDP) measures the total amount of goods and services produced within a country in a specific period. The list of the largest economies is led by the United States with 26.95 trillion dollars, followed by China with 17.7 trillion.

According to Forbes, the United States maintains its status as the world's leading economy and the richest country from 1960 to 2023. Meanwhile, China has experienced a remarkable increase in its economic progress, moving from the fourth place in 1960 to the second place in 2023.