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Brazil is 'sixth biggest economy'
07/03/2012
Brazil is now the sixth-largest economy in the world, overtaking historically strong countries such as the UK.
The Latin American region showed an expansion in GDP of 2.7 per cent over the course of 2011. While this is around a third of what it achieved in 2010 and the lowest since 2003, in comparison to many other economies Brazil remains well ahead.
Guido Mantega, Brazilian finance minister, stated that the country's economy is now worth in the region of $2.5 trillion, although it remains behind China, Japan and others.
But to Mr Mantega the important thing is “not to be the world's sixth-biggest economy, but to be among the most dynamic economies and with sustainable growth”.
British politicians have responded to the news by stating that the UK needs to focus on improving its ties with emerging economies, such as Brazil. A UK Treasury spokesman told the BBC: “Strong economic growth and large populations in the big emerging economies mean that some will catch up with advanced economies like the UK.”
A worldwide need for timber resources is one area that has helped Brazil to growth, but its abundance of other natural resources and the growth of its big businesses is also helping.
The Latin American region showed an expansion in GDP of 2.7 per cent over the course of 2011. While this is around a third of what it achieved in 2010 and the lowest since 2003, in comparison to many other economies Brazil remains well ahead.
Guido Mantega, Brazilian finance minister, stated that the country's economy is now worth in the region of $2.5 trillion, although it remains behind China, Japan and others.
But to Mr Mantega the important thing is “not to be the world's sixth-biggest economy, but to be among the most dynamic economies and with sustainable growth”.
British politicians have responded to the news by stating that the UK needs to focus on improving its ties with emerging economies, such as Brazil. A UK Treasury spokesman told the BBC: “Strong economic growth and large populations in the big emerging economies mean that some will catch up with advanced economies like the UK.”
A worldwide need for timber resources is one area that has helped Brazil to growth, but its abundance of other natural resources and the growth of its big businesses is also helping.
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