{"id":297269,"date":"2024-10-25T07:07:14","date_gmt":"2024-10-25T07:07:14","guid":{"rendered":"https:\/\/www.thetruthseeker.co.uk\/?p=297269"},"modified":"2024-10-27T10:29:56","modified_gmt":"2024-10-27T10:29:56","slug":"imf-upgrades-russia-to-worlds-fourth-largest-economy","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=297269","title":{"rendered":"IMF upgrades Russia to world\u2019s fourth-largest economy"},"content":{"rendered":"

RT.com \u2013 Oct 24, 2024<\/strong><\/h1>\n

The International Monetary Fund (IMF) has ranked Russia as the world\u2019s fourth-largest economy based on purchasing power parity (PPP).<\/p>\n

PPP compares economic productivity and standards of living between countries by adjusting for differences in the cost of goods and services.<\/p>\n

In its World Economic Outlook published on Tuesday, the IMF said Russia\u2019s gross domestic product (GDP) in 2024 amounts to 3.55% of global GDP in terms of PPP, outperforming Japan, which has 3.38%.<\/p>\n

According to the report, Russia ranks fourth in terms of PPP after China (18.8%), the US (15%), and India (7.9%).<\/p>\n

The latest figures show that the world\u2019s leading economies by PPP now include three BRICS countries \u2013 China, India, and Russia \u2013 the report authors noted, pointing out that Russia\u2019s upgrade has been driven by Western sanctions.<\/p>\n

\u201cToday we have to implement aggressive import substitution and establish our own production. Therefore, Russia\u2019s fourth place is quite expected,\u201d<\/em> the head of Macroeconomic Research Center at the Financial University, Evgeny Balatsky, told Rossyiskaya Gazeta.<\/p>\n

\u201cIn recent years, Russia overtook its European competitors \u2013 one after another \u2013 the UK, France, Germany, and now Japan,\u201d<\/em> he added.<\/p>\n

Earlier this month, Russian Finance Minister Anton Siluanov said the share of the BRICS countries in global GDP, as measured by PPP, has been growing steadily to reach the current figure of 36.7%.<\/p>\n

IMF data shows that the global GDP share of the G7 countries (Canada, France, Japan, Italy, the US, UK, and EU) in terms of PPP has been in decline, dropping from 50.42% in 1982 to 29% in 2024.<\/p>\n

The IMF has also boosted its 2024 growth forecast for Russia and now expects the country\u2019s GDP to grow 3.6% this year, an increase from its previous projection of 3.2%. However, the Washington-based institution cut its estimate for next year\u2019s growth from 1.5% to 1.3%.<\/p>\n

The IMF has linked the downgrade for 2025 to \u201cprivate consumption and investment slow amid reduced tightness in the labor market and slower wage growth.\u201d<\/em><\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) report notes that the upgrade in the estimate for Russia\u2019s economic growth has been driven by Western sanctions<\/p>\n","protected":false},"author":39262,"featured_media":276489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[66,91],"tags":[],"class_list":["post-297269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-Economics","category-russia"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/297269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=297269"}],"version-history":[{"count":1,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/297269\/revisions"}],"predecessor-version":[{"id":297270,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/297269\/revisions\/297270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/media\/276489"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=297269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=297269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=297269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}