The Latin American powerhouse’s recent growth has continued ahead of the curve, pointing to a prosperous future
Following the recent release of the county’s 2011 growth figures, Brazilian finance minister Guido Mantega has proclaimed that Brazil has become the world’s sixth largest economy according to GDP, relegating Britain to seventh in the global economic rankings.
Nonetheless, Mantega said that he remained humble about Brazil’s new position, stating that he didn’t consider the revised position important, and lent greater credence to being considered a “dynamic economy, with sustainable growth”.
Over the course of last year, the economy grew by 2.7 percent – a comparatively strong performance by current international standards, but in actuality a significant drop from the previous year’s impressive showing of 7.5 percent growth, and below analysts’ projections. Premier Dilma Rousseff has attributed blame for the slowdown to the global economic situation.
The country has now become the world’s ninth largest oil producer, and Brazil’s energy leader Petrobras has stated that it believes the country will enter the top five by 2020.
According to figures recently released by the British research institutes NIESR (National Institute of Economic & Social Research) and CEBR (Centre for Economics & Business Research), the Brazilian economy is now worth $2.5trn (£1.6tn).