The country has overtaken Germany as the world’s fifth largest economy in terms of purchasing power parity (PPP), the president said, citing the World Bank
Russia moved into the world’s top five largest economies in 2022 based on purchasing power parity (PPP), outpacing the likes of Germany despite Western sanctions and forecasts of a collapse, President Vladimir Putin said on Tuesday, citing a recent World Bank report.
According to estimates based on official country data published by the World Bank and the International Monetary Fund (IMF), Russia’s gross domestic product was $5.51 trillion in PPP terms at the end of last year. The figure is 38% larger than the official estimate of $3.993 trillion, the report noted.
The figures also showed that the Russian economy was ahead of Germany’s when measured in purchasing power parity, with the latter’s GDP at $5 trillion.
Speaking at the Council for Strategic Development and National Projects,…