A leading UK economic research group says Brazil has overtaken Britain as the world’s sixth-largest economy.
The London-based Center for Economics and Business Research says Britain lost out to the South American country in 2011 and will likely slide further as faster-growing economies such as Russia and India surge ahead.
After a tough recession and a banking crash, Great Britain has fallen to 7th place, behind larger and faster-growing Brazil.
The South American country expanded at a three percent rate in 2011 and is projected to grow five percent in 2012.
Economist Armando Castelar says the new ranking is unimportant, but he adds it is a confidence builder for Brazil.
“The position is more about statistics than economics,” he says. “The economy is what really matters. “But,” he adds, “it has a psychological effect that helps with attracting investments,” Castelar said.
Brazil, one of the so-called BRIC countries, which includes Russia, India and China, is an economic success due largely to exports of manufactured goods, iron ore and agricultural products to the Far East.
Brazil’s Finance Minister Guido Mantega says Brazil hopes to become the fifth largest economy by 2015, surpassing France.
Brazil’s rise has been relatively swift, taking seventh place from Italy in 2010. The United States, China, Japan and Germany are the four biggest national economies. But with Europe struggling to contain a raging debt crisis, some economists say Russia and India could overtake Germany and France in the next ten years.
Whilst the overall economies of the likes of China and Brazil are now larger than European countries such as Britain’s, the standard of living for the average citizen still lags far behind. For this reason hundreds of thousands of Chinese and Brazilian migrants and students still flock to the UK and many can be found doing low paid jobs in many of London’s restaurants.
Despite its economic decline, the UK remains a land of opportunity and a magnet for millions of immigrants, however, skilled job applicants are seeking jobs overseas in other countries such as Australia or Canada, where permanent settlement is more easily available instead of the UK.
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