Russia to become fourth largest economy in 2020

Russia may become the fourth largest economy in the world by 2020, Douglas McWilliams, head of the London Centre for Business and Economic Research, CBER), commented on the rating of the World Economic League Table, RIA Novosti reports.

Russia is currently in 9th position in the rating.

The CBER expects the British economy to drop to position 8 by 2020. The US, China and Japan are forecasted to continue remaining the top economies. Germany and France are to shift from positions 4 and 5 to 7 and 9 in the rating respectively, replaced by Russia and India.

The CBER paid big attention to the rapidly growing economy of Brazil. It will keep the 6th position in the rating by 2020, outrunning Germany.

McWilliams says that economic leadership is switching from the West to the East. Resource-rich states are gradually climbing the rating. Competition between their manufacturers grows. Brazil complained that Chinese goods are in higher demand for their lower price.

Concerning the euro zone, McWilliams said that it will have an growth of 2% in 2012 if the debt problems are resolved. Otherwise the GDP would only increase by 0.6%, he believes.