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Brazil overtakes UK as 6th major economy|
Mon Dec 26, 2011
British government has faced a fresh economic blow, as Britain was deposed by Brazil to become the sixth largest economy in the world, an economic research group said.
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 Milliams, 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 up the league while we in Europe fall back."
Peter Slowe, ex-government economic advisor, stressed that Brazil overtook Britain due to the 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 eurozone,” Slowe added.
The US, China, Japan, Germany and France are standing at the top five places as the world's richest countries.
This is the begining of the end for the western domination of the world's economy. Nations are rising up and marching fiercely towards economic independent. An economy or market that is driven solely by the desire of the people to have control over their own life; an economy that is void of the control of the 15 % of the world's population. I am of the strong conviction that the World Bank and IMF's ownership wouls change in the very near future.