Capital Ethiopia Newspaper

Brazil beats Britain to become the world’s sixth largest economy

Brazil for the first time overtook Britain to become the sixth largest economy in the world Peter Slowe, ex-government economic advisor, stressed that Brazil overtook Britain due to the Centre for Economics and Business Research (CEBR) revealed that the South American country, happening to be one of the powerhouses of the global economy, overtook Britain that is now the seventh richest state. Economic analysts believed that the country’s banking crash in 2008 and the following recession downgraded Britain to the seventh stand in 2011 world economic league table. CEBR also revealed Asian nations are moving up and European nations drawing back, as Europe has been suffering from economic crisis and low growth. The report also stressed that UK would fall behind Russia and India in the next decade, even though Britain might move ahead of France by 2020. Douglas McWilliams, CEBR chief executive, said, “Brazil has beaten the European countries at soccer for a long time, but beating them at economics is a new phenomenon.” “Our world economic league table shows how the economic map is changing, with Asian countries and commodity-producing economies climbing financial potential of its nationals. And that Brazil has huge natural resources to depend on such as gold, silver and oil off-shore in the Amazon. “By contrast the UK economy is affected by the problems of the euro zone,” Slowe added. The US, China, Japan, Germany and France are standing at the top five places as the world’s richest countries. (Al Jazeera)