Latest News
Forestry Investment News
Brazil to surpass UK to become sixth biggest economy
02/11/2011
New economic projections have indicated that Brazil will overtake the UK to become the world's sixth biggest economy before the end of this year.
The gross domestic product (GDP) of Latin America's largest economy is expected to top $2.44 trillion (£1.51 trillion) before the end of 2011 - surpassing the UK's $2.43 trillion - according to figures from the Economist Intelligence Unit (EIU).
It is another impressive sign of Brazil's march up the economic ratings, after only reaching the seventh spot last year, when it overtook Italy. The EIU's chief economist on Brazil, Robert Wood, said that its steady ascent of the ratings can be traced back to its growing consumer class and booming trade relationship with China."
"It's partly the story of the lower income classes rising up in Brazil to join the middle-class and partly the sheer size of the population of nearly 200m," said Mr Wood. "We are in the middle of a commodity super-cycle that will last for some time but at some point the really good times Brazil is enjoying will cool off a bit."
Looking a little further into the future, it is predicted that Brazil will lose sixth place to India in 2013, but will win it back in 2014 - the year it stages the World Cup - when it will also see its GDP exceed that of France.
The gross domestic product (GDP) of Latin America's largest economy is expected to top $2.44 trillion (£1.51 trillion) before the end of 2011 - surpassing the UK's $2.43 trillion - according to figures from the Economist Intelligence Unit (EIU).
It is another impressive sign of Brazil's march up the economic ratings, after only reaching the seventh spot last year, when it overtook Italy. The EIU's chief economist on Brazil, Robert Wood, said that its steady ascent of the ratings can be traced back to its growing consumer class and booming trade relationship with China."
"It's partly the story of the lower income classes rising up in Brazil to join the middle-class and partly the sheer size of the population of nearly 200m," said Mr Wood. "We are in the middle of a commodity super-cycle that will last for some time but at some point the really good times Brazil is enjoying will cool off a bit."
Looking a little further into the future, it is predicted that Brazil will lose sixth place to India in 2013, but will win it back in 2014 - the year it stages the World Cup - when it will also see its GDP exceed that of France.
RSS