According to purchasing power parity (PPP), Russia’s economy is now the fourth largest in the world, behind China, the US, and India, according to a recent announcement by Russian President Vladimir Putin. He stressed the significance of economic strength for national stability and defense capabilities during his yearly press conference.
“International financial institutions have identified Russia as the fourth largest economy in the world and the largest economy in Europe by volume, surpassing both Germany and Japan in recent years,” Putin said.
He emphasized a 3.6% growth rate for 2023, with estimates indicating a rise to 3.9% to 4% in 2024. Over a two-year period, this rise represents a about 8% gain.
Putin claimed that the Russian economy is stable and growing favorably in spite of continuous external challenges, especially from sanctions associated with the situation in Ukraine. Despite acknowledging concerns over inflation, pointing to a 9.3% annual rate, he maintained that the economy is doing well overall.
He reaffirmed Russia’s stance while emphasizing that other world economies are also changing and that it is important to avoid complacency.
Putin remains confident about Russia’s economic future despite the difficult economic environment driven by international tensions and internal issues.
