As the Economist Intelligence Unit (EIU) arrives in São Paulo for their conference on the future of the Brazilian economy this week, they have just released new research indicating that Brazil is about to replace the UK as the world’s sixth largest economy.
Brazil’s GDP for the full year 2011 is expected to hit $2.44tr compared with $2.43tr for the UK according to the latest monthly forecast from the EIU – with just two months of the year left to run.
Last year Brazil overtook Italy and is now storming up the world economic rankings, with the UK about to become the latest victim of Brazil’s growth. The EIU does predict some jockeying for position, suggesting that India will soon overtake Brazil in sixth place, but that Brazil will return to this position when it overtakes the economy of France in approximately 2014.
Looking further out, the EIU predicts that before the end of this decade Brazil will overtake Germany and will therefore be bigger than any European economy, making a prediction for the top five economic superpowers of 2020 to be China, the US, India, Japan, then Brazil.
Food for thought for European leaders with their fingers hovering over the economic self-destruct button at present.
Photo by Luc B licensed under Creative Commons