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Russia is now the fourth largest economy. But how?
Jun 11, 2024
Explore how Russia's economy defies sanctions to become the fourth largest globally. Insights into sustaining growth amidst geopolitical tensions, war, oil exports, public spending, industrial production, GDP growth, inflation, and Russian central bank measures.
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Quick takeaways
- Russia surpassed Japan as the fourth largest economy due to PPP growth fueled by oil exports.
- Increased public spending on the war effort contributed to industrial production rise, with doubts about sustainability.
Deep dives
Russia Becomes Fourth Largest Economy Despite Sanctions
Recent reports from the World Bank show that Russia has become the fourth largest economy in terms of Purchasing Power Parity (PPP) in 2021, surpassing Japan. Despite facing sanctions from Western countries like the US, UK, and EU following the Russia-Ukraine conflict, Russia's GDP grew by over 3% last year. This growth was fueled by continued oil exports to countries like China and India, who then re-export refined products to Western nations, exploiting loopholes in sanctions.
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