Brazil deposes UK as world's No 6 economy

Brazil has overtaken the UK and become the world's sixth largest economy this year, according to think tank the Centre for Economics and Business Research. The UK has been relegated to seventh place in the wake of the financial crisis and subsequent severe recession.

By contrast, South America's largest economy is booming thanks to an abundance of natural resources and fast growing exports to China and the rest of the Far East. Foreign investors are also attracted by Brazil's political stability.