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Weekly Report - 05 January 2012 (WR-12-01)

BRAZIL: Another rung on the ladder to global superstardom

Having overtaken Italy a year ago, Brazil has now displaced the UK as the sixth biggest economy in the world (in nominal US$ GDP terms), according to latest calculations from the UK-based Centre for Economics and Business Research. The high-profile Brazilian finance minister, Guido Mantega, says that Brazil will be the fifth biggest global economy by 2015, leapfrogging France. Although it is not immune from the Euro crisis, global capital is still headed in Brazil’s direction. The central bank this week reported a net foreign currency inflow of just under US$63bn in 2011, the second highest ever and the strongest since the record breaking pre-crisis peak of 2007, when the dollar inflow was a whopping US$87.5bn.

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