By Simon Farnsworth
The Brazilian economy has overtaken Britain’s, according to The Centre for Economics and Business Research (CEBR).
CEBR’s report showed how the Brazilian economy is now the sixth biggest in the world having grown 7.5% this year.
Britain’s fall was mirrored by other European countries as Asian countries strengthened their position against their Western counterparts.
The World Economic League Table displays a trend that has long been predicted with the economic centre of the world shifting from West to East.
The highest ranked European nation was Germany, coming in at number four. The top three places were accredited to the USA, China and Japan.
CEBR predicted that even if the eurozone crisis was solved their economy would still shrink by 0.6%. If the crisis was to rumble on, CEBR predict the eurozone economy will contract by 2%.
The CEBR report also forecasts the league table for 2020. It predicts that India will move from 10th this year to 5th and Russia will leap from 9th to 4th.
The 2020 predictions paint a bleak picture for European countries with Germany predicted falling three places to 7th, France slipping to 9th from 5th and the UK falling one place to 8th.