London: With entire Europe caught in a depression mode, Brazil has overtaken United Kingdom (UK) as the world’s sixth largest economy, according to a report by an economic research group.
In its latest World Economic League Table, the Centre for Economics and Business Research (CERB) said that the Asian countries are moving up on the growth ladder while their European counterparts continue to slide.
The banking turmoil of 2008 and the subsequent recession has relegated UK to the seventh spot in 2011, behind Brazil, which has boomed on the back of exports to China and the far east.
The CEBR has also predicted that the UK economy will overtake France by 2016.
As the contagion of sovereign debt crisis keeps crushing the major European economies, it also said that eurozone economy would shrink by 0.6% in 2012 "if the euro problem is solved,” or 2% if it is not.
Speaking to a Radio channel, CEBR chief executive Douglas McWilliams said that Brazilian economy overtaking the UK was on the cards.
He added that the growth shift in favour of the developing countries is primarily due to the export of vital commodities like food and energy by them.
Earlier, a report based on International Monetary Fund (IMF) data had also predicted that the Brazilian economy would overtake the UK in 2011.
The CERB also mentioned that India, currently the world’s 10th largest economy would graduate to the fifth place by 2020.