As Europe struggles with its debt crisis, Brazil along with many Asian nation’s are on the rise, according to the London-based Center for Economics and Business Research (CEBR).
"Brazil has beaten the European countries at soccer for a long time, but beating them at economics is a new phenomenon. Our world economic league table shows how the economic map is changing, with Asian countries and commodity-producing economies climbing up the league while we in Europe fall back," said CEBR chief executive Douglas McWilliams, according to the AFP.
In 2010, Brazil’s economy grew 7.5 percent, but the government of President Dilma Rousseff cut growth projections to 3.5 percent for 2011 as the economy slowed in the third quarter.
Brazil has a population of about 200 million -or about three times that of Britain- and a current GDP of around $2.52 trillion. The country’s primary exports are manufactured goods, iron ore, coffee, oranges and other agricultural produce.
Its main trade partners are China, the United States and neighboring Argentina.
The CEBR projections have European nations, such as France, Germany and Italy, falling behind Brazil by 2020. The economic group pedicts that the U.S., China and Japan – this year’s top three economies – will remain in the top three spots respectively in 2020.
While it will still remain the world’s largest trading bloc, the Europe Union could suffer what economists are calling a "lost decade,” with low growth as country’s pay back debts over a short timescale, restricting growth and prevent many countries from recovering from the recent banking crash.
Based on reporting the Associated Press.