Brazil will be surpassed by Britain and return to its previous position as the world’s seventh largest economy in 2012, the IMF said in a report released Tuesday.
According to the IMF, the Brazilian economy will grow more than the British this year, but Brazil’s nominal GDP will be lower than Britain’s in dollars.
The world lender foresaw that Brazil’s GDP will grow 3 percent to $2.449 trillion in 2012, while Britain’s GDP will grow 0.8 percent to $2.452 trillion.
Last year, despite the significant deceleration of its economic growth, Brazil managed to surpass Britain and became the sixth largest economy in the globe.
According to the IMF, the US will remain the world’s largest economy in 2012, followed by China, Japan, Germany, France, Britain, Brazil, Italy, Russia and Canada.
The IMF also predicted that the global economy will grow 3.5 percent and Latin America will grow 3.7 percent this year.