Brazil overtakes UK to become the world's sixth largest economy

Britain has lost its spot as the world's sixth-largest economy to resource-rich Brazil, according the Centre for Economics and Business Research (CEBR).

The banking crisis of 2008 and the global recession has contributed to the UK being relegated to seventh place in 2011, behind South America's largest economy, which has capitalised on its vast reserves of natural resources and exports to China and the far east.

Brazil's GDP is slated to hit £1,612 billion this year, while the UK's GDP for the year is £1,588 billion.

CEBR chief executive Douglas McWilliams said, "Brazil has beaten the European countries at soccer for a long time, but beating them at economics is a new phenomenon. Our world economic league table shows how the economic map is changing, with Asian countries and commodity-producing economies climbing up the league while we in Europe fall back."

Brazil's huge variety of natural resources that include gold, iron ore, and other minerals as well as its massive off-shore oil, and stable political climate has attracted investors.

Britain on the other hand, is in the midst of a national debt crisis, lack of bank credit and the euro zone debt crisis, has led it to being relegated to the sixth spot.