Brazil has overtaken the UK to become the world’s sixth-largest economy, according to a team of economists. The banking crash of 2008 and the subsequent recession has relegated the UK to seventh place in 2011
Russia and India are expected to benefit from a surge in growth over the next 10 years and push the UK into eighth place. Like most economies, India is struggling with high inflation and slowing growth, but its highly educated workforce and skills in growth areas from IT and services to engineering will push the economy into fifth place. After a decade of selling oil and gas to Europe and other parts of Asia, Russia will be at number four.
It also said the eurozone economy would shrink 0.6% in 2012 “if the euro problem is solved”, or 2% if it is not.
Brazil GDP: $2.52tn (£1.6tn); CEBR estimate for 2011
CEBR forecast 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