Brazil, whose economy is driven by its vast supply of commodities including oil and iron ore, saw its GDP rise from $2.1trn in 2010 to $2.52trn in 2011, according to the Centre for Economics and Business Research (CEBR).
Meanwhile the UK, where economic growth is still heavily reliant on financial services, saw GDP grow at a much slower rate. It increased from $2.25trn to $2.48trn, leaving the country in seventh place.
The CEBR has forecast that european countries will see their rank drop by 2020. It estimates that Germany will fall from the 4th largest economy in 2010 to a predicted 7th in 2020; the UK from 6th to 8th and France from 5th to 9th.
However, Russia has climbed the league table moving from the 10th largest economy in 2010 to claim a realistic prediction that it will be the world’s fourth largest economy by 2020.
The United States, China and Japan are predicted to retain their current positions of 1st, 2nd and 3rd in 2020, according to CEBR.
Meanwhile, India is expected to move up from being the 9th largest economy in 2010 to fifth largest by 2020.
Douglas McWilliams, chief executive of the CEBR, said: “Our league table shows how the world’s economic map is changing, with Asian countries and commodity producing economies climbing up the league while we in Europe fall back.”
The CEBR World Economic League Table 2011
Rank Country $GDP (bns)
1. US $15,065
2. China $6,988
3. Japan $5,855
4. Germany $3,629
5. France $2,808
6. Brazil $2,518
7. UK $2,481
8. Italy $2,246
9. Russia $1,885
10. India $1,843