Many economists said it was going to happen and now it has, Brazil has passed the UK to become 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. 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, coffee, iron ore, oranges and other agricultural produce and its biggest export partners are China, USA 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. Europe also faces a decade of slow growth as a result of 20 years of easy credit, according to the Guardian. "Paying back debts over a short timescale will restrict growth and prevent many countries, including the UK, from clawing back output lost in the banking crash for many years," the paper reported.

UK Opens New Consulate In Recife, Next To North East Brazil Main Trade and Sea Hub

UK opens new consulate in Recife, next to North East Brazil main trade and sea hub The move is part of a wider ‘network shift' announced by the Foreign Secretary in May this year, where he signalled the intention to reinvigorate the diplomatic network to make it ready for the twenty-first century. The increased presence in Brazil is one of seven new Consulates General opening in emerging markets. Additionally there will be up to six new Embassies.

Expansion overseas, especially in emerging economies, is a sign of the importance the UK places on its diplomatic presence on the ground. Trade is vital to increase national prosperity and secure growth for the UK's economy, and our Embassies play a key role in supporting British business. As the Foreign Secretary said in May, "the case for a strengthened network is utterly compelling."

Recife, in Pernambuco, is one of the fastest-growing states in the North East of Brazil and has the second highest GDP per capita in the region as well as the fourth biggest city in the country. It is also a vibrant business hub, home to numerous innovative British companies.

"I am delighted to be inaugurating the Consulate General in Recife. The UK wants to strengthen its relationship with Brazil and the rest of Latin America and this Consulate General is a concrete example of these intentions. It will enable us to work more effectively on the ground with the UK businesses that have established themselves there and to strengthen our cultural links with Brazil", said Minister Browne.

Apple Brings iTunes Store to Brazil and Latin America

While the Apple App Store was already available in Latin America, the iTunes Store, offering music and movie downloads, has launched in Brazil. The store brings a catalogue of over a thousand movies and 20 million with songs by local as well as international artists.

Most songs are priced at $0.99 each with albums starting at $9.99. Prices are in U.S. dollars for now, and customers must be able to pay in American currency.

Additionally, iTunes Match, for syncing library songs not bought through iTunes to multiple iOS devices, will roll out in Brazil for an annual fee of $24.99.

LAN & TAM Airlines to Merge

In Brazil, the deal to create the new LATAM Airlines Group has already cleared two of three anti-monopoly hurdles and is now awaiting approval from antitrust council Cade.

LAN Airlines's takeover of TAM will create an airline giant with joint revenue of $US10.4 billion based on 2010 figures. LAN Chief Operating Officer Ignacio Cueto said last month he believed the takeover could be completed by the end of the first quarter 2012. If the merger goes through then LANTAM will become the second largest carrier in the world behind Air China with Singapore Airlines third.

Petrobras oil well could be Brazil's biggest

RIO DE JANEIRO -(MarketWatch)- Brazilian regulators gave federal oil company Petroleo Brasileiro (PBR, PETR4.BR) more time to explore one of the country's recent deepwater oil discoveries, where one well could prove to be the country's biggest yet. Petrobras, as the state-run energy said in a statement late Friday a long-term well test at the Carioca Nordeste discovery could potentially produce as much as 28,000 barrels a day. That would make it the country's single-largest producing oil well.

A pilot production project is expected to start in early 2013, with the installation of a floating production, storage and offloading vessel, or FPSO, capable of producing 120,000 barrels of oil and 5 million cubic meters of natural gas per day.

The company also said that a new discovery, called Abare, confirmed the high-potential of the area. Abare, which showed signs of high-quality light oil, will undergo a formation test.

Property Shortage in Brazil?

Last year in 2010, £3.2 Billion was invested into Brazilian property, an increase of 62% compared to 2009. Property in Brazil remains as an attractive investment as there is a substantial demand for housing, built-up due to a young growing population and an ever growing middle class who are seeking affordable first and second homes. However, due to the current colossal housing deficit, the supply of property in Brazil is unlikely to quench Brazil's insatiable requirements to house 9.1 Million people within the next 10 years.

The Brazilian real estate market has been built on strong foundations, as mortgage lending still only accounts for 4% of Brazil's GDP in comparison to the U.S where the figures are closer to 70%. The North East region of Brazil if affected even more as this is seen as a major holiday destination. Joao Pessoa the capital city of Paraiba which is seen as the jewel in the crown is undergoing major building works to try and cope with demand as well as providing accommodation when the world cup comes to Brazil in 2014. Joao Pessoa is situated between two of the host cities Natal and Recife.

Developments such as Tambaba Country Club Resort which is only 15 minutes from Joao Pessoa provides excellent investment opportunities with freehold land plots available with the view to land banking as well as an opportunity to build a villa for either personal or letting use.

Brazil Prepares for major tourism boost

In 2010, the number of overseas visitors to the country totalled 5.2 million, according to the United Nations World Tourism Organisation.

This meant that Brazil did not even feature in the global top 10, and it was dwarfed by world number one France, 76.8 million, and number two, the US, 60 million. Flavio Dino, the president of Embratur, the Brazilian Tourist Board, told the BBC Business website that running a successful 2014 World Cup, and 2016 summer Olympics in Rio, will help to more than double the number of people visiting the country by 2020.

Helped by its booming economy, Brazil is ploughing money into its infrastructure ahead of 2014. It is spending 6.5bn Brazilian real ($3.4bn; £2.3bn) on improving airports at the 12 host World Cup cities, and a further 16bn real on everything from better public transport and roads, to new and renovated hotels, and training for tourism staff. For Mr Dino this is money very well spent. And with 600,000 overseas visitors expected to come for the World Cup alone, Mr Dino says he is sure most will wish to go back to Brazil.