Brazil overtakes UK as world's 6th-largest economy

Economists said it was going to happen and now it has: Brazil has passed the UK as the world's sixth-largest economy.

The Centre for Economics and Business Research said European countries have fallen back in its latest World Economic League Table, while Asian countries are gaining, reported the BBC.

A report from the International Monetary Fund earlier this year had predicted Brazil would overtake the UK.

Brazil's current GDP measures $2.52 trillion. Its main exports are manufactured goods, iron ore, coffee, oranges and other agricultural produce and its biggest export partners are China, the United States and Argentina.

Listed below are the 10 largest economies, according to the Centre for Economics and Business Research:

1.US
2. China
3. Japan 
4.Germany
5. France
6. Brazil
7. UK
8. Italy
9. Russia
10. India

However, numbers four and five currently held by Germany and France are expected to be filled by Russia (currently nine) and India (ten) respectively by 2020. Germany would fall to number seven, CEBR said, and France to number nine. Brazil is forecast to remain stable at number six, while the UK (now seven) will overtake France but still drop to eighth. Italy (eight) is expected to fall to tenth.