IMF upgrades Russia to world’s fourth-largest economy
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. 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%). The latest figures show that the world’s leading economies by PPP now include three BRICS countries – China, India, and Russia – the report authors noted, pointing out that Russia’s upgrade has been driven by Western sanctions.