Brazil has topped the United Kingdom in the World Economic League Table. The British based Centre for Economics and Business Research – the CEBR – said Rio is now the world’s sixth largest economy with the UK slipping to seventh.
The South American nation has a population of about 200 million, more than three times that of the UK.
The country’s economy grew by 7.5 percent last year though the government has cut its growth forecast for 2011 to 3.5 percent.
The league table for 2011 produced by the CEBR shows Asian countries moving up and European countries falling back. Its forecast for 2020 sees huge changes in the top five with Russia and India, currently ninth and tenth moving into the top five.
Analysts believe the shift in economic wealth from the established economies to developing nations, is due to those countries producing vital commodities such as food and energy.
While Brazil currently sell more to China than it imports, Brazilian manufacturers have complained their industries are being affected by cheap mass-produced goods from the Asian giant.