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Britain passes Brazil in global economic league table… but it won't last for long!
Britain moves into sixth place and is likely to overtake France next yearBut UK is set to be overhauled in next decade by both India and RussiaTable by City forecaster the Centre for Economics and Business Research
11:08 GMT, 26 December 2012
Britain has leapfrogged Brazil in the global economic league tables, regaining the sixth place lost to the South American country this time last year.
The UK is also breathing down France’s neck, with our economy likely to overtake that of our nearest neighbours some time in 2013.
But Britain will be overhauled in the next decade by both India and Russia, while Brazil will regain the place it lost this year by 2014.
Moving up: Britain (London, left) has leapfrogged Brazil (Rio de Janeiro, right) in global economic league tables
The league table is issued by authoritative City forecaster the Centre for Economics and Business Research. It also looks ahead to 2022, when emerging economies are expected to take their place at the top table.
While the US will cling on to its place at the top of the league in 2022, according to the Cebr, China is closing the gap fast.
As it stands, the Chinese economy is 53 per cent the size of its US rival, but it will have risen to 83 per cent by 2022.
Japan will remain in third, but fourth-placed Germany is likely to be overtaken by the meteoric Indian economy, which will also leave the UK trailing in its wake within five years.
Cebr chief executive Douglas McWilliams said: ‘the Indians have lost to us at cricket this winter but they are on track to beat us at economics. /12/25/article-0-0CF9C04300000578-924_634x408.jpg” width=”634″ height=”408″ alt=”Leaders: Just a year ago, French foreign minister Francois Baroin (pictured left with Chancellor George Osborne, right) said: 'From an economic standpoint, we prefer being French than British'” class=”blkBorder” />
Leaders: Just a year ago, French foreign minister Francois Baroin (pictured left with Chancellor George Osborne, right) said: 'From an economic standpoint, we prefer being French than British'
Just a year ago, French foreign minister Francois Baroin said that the outlook for France was better than that in the UK, adding: ‘From an economic standpoint, we prefer being French than British.’
The Cebr’s predictions suggest quite the reverse, although many senior economists still believe that the UK will follow France by losing its prized AAA credit rating in 2013.
The Government’s anticipated failure to get Britain’s debt-to-output ratio falling by 2015 has already seen ratings agencies put the economy on ‘negative watch’, meaning it risks being downgraded.
Italy’s prospects are particularly poor, with the former European powerhouse expected to slide from eight in the world to thirteenth.
The decline and fall of Rome will leave it languishing behind countries such as Turkey and Mexico.
India’s surge from tenth to fourth will be seen as the biggest change in the balance of the global economy, but Indonesia is primed for its own meteoric rise.
The world’s fourth most populous country, with some 238million citizens, will leap from 16th to tenth.