28 Dec '11, 12am

Brazil overtakes Britain to become the world's 6th largest economy

RIO DE JANEIRO (AFP) - Brazil beamed with pride on Tuesday on news that it has powered past Britain to become the world's sixth biggest economy but officials say it will take another 20 years before the country can match the Europeans' standard of living. 'From a psychological standpoint, this is a fantastic year-end victory,' Ricardo Teixeira, an administration professor at the prestigious Getulio Vargas foundation in Rio, told AFP. Major Brazilian newspapers hailed Monday's report by the London-based Center for Economics and Business Research (CEBR) that Brazil has overtaken Britain to rank sixth among top economic powers behind the United States, China, Japan, Germany and France. But Brazil's per capita GDP and the standard of living of its people remain far below those of its US and European rivals. Latin America's booming economic powerhouse will close the year with a...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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