Brazil to rank as world’s sixth largest economy — Study

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RIO DE JANEIRO: Brazil will surpass Britain to become the sixth largest economy in the world this year, reports Xinhua news agency citing a British study published earlier.

The study, published by the Centre for Economics and Business Research (CEBR), showed that the Brazilian gross domestic product (GDP) for this year would stand at US$2.4 trillion, after that of the US, China, Japan, Germany and France, the world’s five largest economies.

Brazilian Finance Minister Guido Mantega attributed Brazil’s rise to its good performance amid the world financial crisis and the crisis’s heavier impact on the British economy.

Mantega predicted that the Brazilian economy would grow three per cent to 3.5 per cent this year, and four per cent to five per cent in 2012.

According to statistics released by Brazil’s Development, Industry and Trade Ministry, the country’s exports from January to the end of last week reached a record high of US$250.3 billion, up 24 per cent from the same period last year.

Its trade balance from January to the fourth week of December amounted to US$26.8 billion, up 43.1 per cent year-on-year, while its trade surplus was expected to reach US$29 billion in 2011, up from last year’s US$20.27 billion.

Last year, Brazil was the world’s seventh largest economy, registering a 7.5–per cent GDP growth. — Bernama