At the end of the current year Brazil’s GDP will rank sixth in the world and for the first time ahead of Britain’s GDP, according to the Sao Paulo media based on reports from IMF and private consultants.
Although Brazil’s GDP is only expected to grow 3.5% in 2011, less than originally expected by the government last January, it will total 2.44 trillion US dollars compared to the 2.41 from the UK.
The report was published by Folha de Sao Paulo based on IMF data and the EIU, Economist Intelligence Unit and BMI, Business Monitor International.
“The fact that the Brazilian economy is overtaking that of the developed countries reflects the effects of the access of large segments of the poor population into the middle class and the consumer market”, said Robert Wood, a US analyst.
If the growth tendency in Brazil is confirmed in the coming years it is possible that it can overtake all European countries, including Germany by 2020, adds the report published by Folha de Sao Paulo.
With its advance in the global economic stage “Brazil tends to have a greater voice in international forums and it is equally important it prepares to adequately assume such a role”, said Rogelio Sobreira economist from the Brazilian Foundation and think tank Getulio Vargas.