Brazil announces itself as fifth largest economy in world

Brazil announces itself as fifth largest economy in world
# 04 March 2011 13:39 (UTC +04:00)
Baku - APA-Economics. Brazil has overtaken Britain and France to become the fifth largest economy in the world after reporting 7.5 per cent economic growth in 2010 – the fastest rate since 1986, finance minister Guido Mantega said, Financial Times reported.

“Looking at the international scenario, Brazil was ranked third in the world in relation to [the pace of] economic growth and it is the fifth [largest] economy when we consider the G20 countries,” Mr Mantega said on Thursday.

After a brief recession during the world economic crisis, the government ramped up its fiscal spending in 2009 and 2010 to help the economy recover and prepare the way for an election last year that swept the government of new President Dilma Rousseff to power.

That helped push gross domestic product to R$3,675bn ($2,215bn) last year, a level that Mr Mantega said made it the world’s fifth biggest, up from about eighth previously.
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