Russia has emerged as one of the world’s biggest economies and the largest in Europe, surpassing Germany, according to a report by World Economics. Despite facing Western sanctions, Russia’s gross domestic product (GDP) in terms of purchasing power parity (PPP) reached $5.51 trillion at the end of 2022, making it 38% larger than the official estimate of $3.993 trillion.
The report also revealed that Russia’s GDP in PPP terms exceeded that of Germany, which stood at $5 trillion. However, China remained at the top of the list as the world’s largest economy with $31 trillion, followed by the US, India, and Japan. Other countries in the top 10 included Indonesia, Brazil, and Türkiye.
These findings come as both the International Monetary Fund (IMF) and World Bank raised their forecasts for Russia’s economy, indicating that it is expected to continue growing despite facing sanctions. The projected growth is attributed to robust trade and industrial production, as well as higher-than-expected energy revenues.
The World Bank predicts that Russia’s growth will turn positive in 2024 but remain modest at 1.2%. However, Prime Minister Mikhail Mishustin has expressed optimism, stating that Russia’s economy could outperform developed countries in terms of growth by 2024.
This positive outlook for Russia’s economy could have significant implications for the country’s future. With a strong GDP and the potential for further growth, Russia may be able to overcome the challenges posed by Western sanctions. Additionally, it may provide opportunities for increased trade and investment, both domestically and internationally.
It is worth noting that the report’s findings are based on official country data published by the World Bank and IMF. These organizations have recognized the resilience of the Russian economy despite external pressures, highlighting its ability to adapt and continue growing.
Overall, Russia’s emergence as one of the world’s largest economies and the largest in Europe demonstrates its strength and potential. While it may face ongoing challenges due to sanctions, the country’s GDP growth in PPP terms signals its ability to navigate these obstacles and maintain economic stability.
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