International Comparison Program (ICP) data released by the World Bank Tuesday, Dec. 18, indicate Brazil is the world's sixth largest economy. The ICP analyzed 146 countries and prepared the list based on the purchasing power parity of local currencies.
According to the research, Brazil ranks sixth along with France, Italy, UK and Russia, all of which with 3% GDP.
Brazil accounts for nearly 50% of South America's economy and ranks first among Latin American countries. Mexico comes second after Brazil and ranks seventh worldwide - along with Spain. The US leads the ranking, followed by China, Japan, Germany and India.
According to the traditional World Bank evaluation model, which converted each country's GDP into US dollars, Brazil ranked seventh.
"The new ICP ranking based on purchasing power parity reflects the real value of each economy, allowing for differences to be adjusted on the basis of price levels, without the influence of exchange rate fluctuations, the World Bank underscored.
According to the research, Brazil ranks sixth along with France, Italy, UK and Russia, all of which with 3% GDP.
Brazil accounts for nearly 50% of South America's economy and ranks first among Latin American countries. Mexico comes second after Brazil and ranks seventh worldwide - along with Spain. The US leads the ranking, followed by China, Japan, Germany and India.
According to the traditional World Bank evaluation model, which converted each country's GDP into US dollars, Brazil ranked seventh.
"The new ICP ranking based on purchasing power parity reflects the real value of each economy, allowing for differences to be adjusted on the basis of price levels, without the influence of exchange rate fluctuations, the World Bank underscored.
