Monday, December 26, 2011
Brazil overtakes Britain to become world's sixth largest economy
According to a report by the Centre for Economics and Business Research (CEBR), Russia and India are going to benefit from higher growth rate in the next decade.
According to a report by the Centre for Economics and Business Research (CEBR), Brazil has overtaken the UK as the world's sixth largest economy.
In its latest World Economic League Table, the CEBR said, the UK economy is now at the seventh place, largely because of banking crash of 2008 and the subsequent recession. Brazil, South America's largest economy, has taken the giant leap because of its rising exports to China and the far east, it said.
The CEBR predicts that the European region may suffer a "lost decade" of low growth following a credit binge over the past 20 years.
The report further indicates that Russia and India are going to benefit from higher growth rate in the next decade.
It predicts that the Indian economy, which is the world's 10th biggest economy in 2011, will rise to become the top five economies by 2020.
CEBR World Economic League Table
Rank 2011 2020 (forecast)
1 US US
2 China China
3 Japan Japan
4 Germany Russia
5 France India
6 Brazil Brazil
7 UK Germany
8 Italy UK
9 Russia France
10 India Italy
CEBR also forecasts that the world growth would fall to 2.5 per cent in 2012, a downward revision from the forecast made in September.