Brazil “overtakes UK’s economy”
Brazil has become the sixth-biggest economy in the world, the country’s finance minister has said.
The Latin American nation’s economy grew 2.7% last year, official figures show, more than the UK’s 0.8% growth.
The National Institute of Economic and Social Research (NIESR) and other economic forecasters also said that Brazil had now overtaken the UK.
The Brazilian economy is now worth $2.5tn (£1.6tn), according to Finance Minister Guido Mantega.
But Mr Mantega was keen to play down the symbolic transition – which comes after China officially overtook Japan as the world’s second-biggest economy last year.
“It is not important to be the world’s sixth-biggest economy, but to be among the most dynamic economies, and with sustainable growth,” he said.
Brazil is enjoying an economic boom because of high food and oil prices, which has led to rapid growth.
In 2010, the Brazilian economy was worth $2.09tn, compared with the UK’s $2.25tn total output, in current US dollars, according to the International Monetary Fund.
here come the BRICS..