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Brazil economy rises

BRAZIL has overtaken European countries in the world economic league table. The resource-rich South American economy has surged on exports to China, unhampered by the 2008 financial crisis that has hit growth in the EU.

Centre for Economics and Business Research chief executive Douglas McWilliams said the world economic map is changing.

"Asian countries and commodity-producing economies climbing up the league while we in Europe fall back," he said.

The CEBR forecasts that the UK will be the eighth largest economy by 2020, with Russia and India in fourth and fifth place.