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February 20, 2012

Brazil Overtakes UK as 6th Largest World Economy

Brazil overtook the UK as the world's 6th largest economy in terms of output in 2011. Daniel Tarling-Hunter, economist at Euromonitor International, explains that Brazil has managed to maintain growth during the recession due to a less internationally integrated banking sector. It also maintained growth in export markets, such as China. The UK, on the other hand, saw many failing banks during the financial crisis leading to high debt and low consumer confidence. Tarling-Hunter describes the future prospects for growth in both countries towards 2020.

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