BRITAIN has re-taken sixth spot in the world economic league table from Brazil following the weakness of the South American country’s currency, according to rankings published today.
The weakness in the real is expected to continue, with the UK tipped to hang on to its spot in the rankings until 2014.
Douglas McWilliams, chief executive at the Centre for Economic & Business Research (CEBR), which compiled the league table, said: “We have been neck and neck with Brazil for some time. Last year they overtook us; this year we have overtaken them again. From 2014 onwards, however, their more dynamic economy is likely to pull them decisively beyond us.
“We are beating some other countries, though. We are poised to overtake France either in 2013 or 2014 as the economic effects of President Hollande’s 75 per cent tax policy and the difficulties of the euro drag France down.”
The top five places in the league table – occupied by the United States, China, Japan, Germany and France – were left unchanged between 2011 and 2012.
After Britain in sixth place and Brazil in seventh, debt-stricken Italy, gas-rich Russia and fast-growing India completed the top ten.
McWilliams added: “The league table shows the dramatic changes now taking place in the world’s economic geography, with slow-growing European economies falling back and Asian economies, even though their growth is slowing, catching up.”