The Latin American giant’s GDP for 2011 is expected to hit $2.44 trillion compared with $2.43 trillion for the UK, the latest monthly forecasts from the Economist Intelligence Unit (EIU) show.
This will see Brazil, which last year overtook Italy to become the world’s seventh biggest economy, move up one more place to sixth with the UK falling to seventh.
Robert Wood, the EIU’s chief economist on Brazil, said the country’s surge up the table owed much to a growing consumer class and a booming trade relationship with China, based on the Asian giant’s need for commodities such as soy and iron ore.
“It’s partly the story of the lower income classes rising up in Brazil to join the middle-class and partly the sheer size of the population of nearly 200m,” said Mr Wood.
“This also links in with Brazil’s emergence in terms of being dragged up by demand from China. We are in the middle of a commodity super-cycle that will last for some time but at some point the really good times Brazil is enjoying will cool off a bit.”
Source: The Telegraph