from RT:
The country is outperforming Japan in terms of purchasing power parity, according to the Washington-based organization
The International Monetary Fund (IMF) has ranked Russia as the world’s fourth-largest economy based on purchasing power parity (PPP).
PPP compares economic productivity and standards of living between countries by adjusting for differences in the cost of goods and services.
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In its World Economic Outlook published on Tuesday, the IMF said Russia’s gross domestic product (GDP) in 2024 amounts to 3.55% of global GDP in terms of PPP, outperforming Japan, which has 3.38%.
According to the report, Russia ranks fourth in terms of PPP after China (18.8%), the US (15%), and India (7.9%).
Economists noted that the latest figures show that the world’s leading economies by PPP now include three BRICS countries – China, India, and Russia – pointing out that Russia’s upgrade has been driven by Western sanctions.
“Today we have to implement aggressive import substitution and establish our own production. Therefore, Russia’s fourth place is quite expected,” the head of Macroeconomic Research Center at the Financial University, Evgeny Balatsky, told Rossyiskaya Gazeta.
