Eurozone economy to shrink by 0.6pc at best |
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| News - Latest | |||
| Friday, 06 January 2012 16:08 | |||
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By Yuan Phoon The eurozone economy will shrink by 0.6% in 2012 “if the euro problem is solved” or by 2% if it is not, said the Centre for Economics and Business Research. In its latest World Economic League Table, the CEBR also said Brazil had overtaken the UK as the world’s sixth largest economy. However the research group predicted that the UK would overtake the French economy by 2016. Douglas McWilliams, chief executive of the CEBR, said: “Brazil has beaten the European countries at soccer for a very long time. But beating them at economics is a new phenomenon. “Our World Economic League Table shows how the world’s economic map is changing, with Asian countries and commodity producing economies climbing up the league while we in Europe fall back.” Brazil’s economy grew by 7.5% last year but the government has cut its growth forecast for 2011 to 3.5% after the economy ground to a halt in the third quarter.
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