Brazil Surpasses England as 6th Largest Economy

Brazil has become the 6^th largest economy in the world, surpassing Britain. The most recent figures from the Centre for Economic and Business Research‘s annual world economic league showed that the England is now the seventh richest country in the world, and has fallen behind a South American nation for the first time. Brazil is a member of what is commonly known as BRIC nations, including Russia, India and China. Brazil in on the path to becoming a world powerhouse.

The United States, China, Japan, Germany and France occupied the top five places, with India occupying the tenth spot on the new listing.

According to the report, Brazil’s economy has grown because of vast reserves of natural resources and a rapidly growing, and cash-rich, middle class and has been aided by the global economic slowdown. At the same time the UK languishes in the grip of a national debt crisis and lack of bank credit.

The English continue to be better off and enjoy a far higher standard of living than the vast majority of people in Brazil but the latter’s 203 million population provides huge economic clout the report said.

Brazil has a variety of natural resources to rely on including gold and silver as well as oil off-shore and minerals in the Amazon. By contrast the UK economy is affected by the problems of the eurozone.

Brazil is one of the fastest-growing major economies in the world with an average annual Gross Domestic Production growth rate of over 5 percent. In Brazilian reais (currency), its GDP was estimated at R$ 3.143 trillion in 2009. The Brazilian nation has been predicted to become one of the five largest economies in the world in the decades to come. Brazil is a member of diverse economic organizations and its trading partner’s number in the hundreds, with 60 percent of exports mostly of manufactured or assembled goods.

The World Economic Forum stated that, Brazil was the top country in upward evolution of competitiveness in 2009, gaining eight positions among other countries, overcoming Russia for the first time, and partially closing the competitiveness gap with India and China among the BRIC economies.

Important steps taken in the past 25 years towards fiscal sustainability and responsibility, as well as measures taken to liberalize and open the economy, have significantly boosted the country’s competitiveness fundamentals, providing a better environment for private-sector development.

The home of advanced technological sector, Brazil develops projects that range from submarines to aircraft and is involved in space research: the country possesses a satellite launching center and was the only country in the Southern Hemisphere to integrate the team responsible for the construction of the International Space Station (ISS). It is also a pioneer in many fields, including ethanol production.

Brazil, is on its way to becoming the next powerhouse.