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Russia Ranks as World’s No.4 Biggest Economy Based on Purchasing Power Parity

© Sputnik / Alexey MaishevAn aerial view shows Red Square, in Moscow, Russia.
An aerial view shows Red Square, in Moscow, Russia.  - Sputnik International, 1920, 31.05.2024
According to updated data from the World Bank, the Russian economy has become the world's fourth largest economy by purchasing power parity as early as 2021.
The World Bank on Thursday updated the data on purchasing power parity indicators. They show that back in 2021 Russia had accounted for 3.8% of global GDP, outshining Japan (3.7%) and Germany (3.4%).
Russian GDP at PPP in 2021 reached 5.7 trillion dollars, while the numbers for Japan and Germany were 5.6 trillion and 5.2 trillion dollars, respectively.
In 2022-2023, according to calculations by RIA Novosti, Russia clung to the positions it had achieved with 6 trillion and 6.45 trillion in those respective years, compared to 5.9 trillion and 6.3 trillion for Japan, and 5.5 trillion and 5.9 trillion for Germany. China leads with 35 trillion, followed by the US with 27.4 trillion and India with 14.6 trillion.
In February, it was reported that Russia became the first and foremost economy in Europe and the fifth in the world in terms of purchasing power parity. However, the calculations were based on data from 2017. On Thursday, the World Bank updated them with information for 2021.
Russia's 100-ruble banknotes. File photo - Sputnik International, 1920, 19.05.2024
Russia in World’s Top-Ten Economies Since Start of Century – Analysis
Russian President Vladimir Putin had previously established the goal of positioning Russia as the fourth-largest economy in the world in terms of purchasing power parity (PPP). In line with this objective, the Cabinet of Ministers was tasked with developing and implementing measures to achieve this goal by March 31, 2025.
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