According to a new World Bank report, Russia has overtaken Germany as the largest European economy. In terms of gross domestic product (GDP) based on purchasing power parity, Russia’s economy now ranks fifth in the world. This is a remarkable development given Russia’s increased military spending and the massive sanctions and trade barriers imposed on the country by the United States and its “coalition of the willing.”
According to the World Bank, the Russian economy has overtaken Germany and now ranks first in Europe in terms of gross domestic product (GDP) based on purchasing power parity. According to these indicators, Russia’s GDP is currently estimated at US$5.33 trillion, putting the country in fifth place worldwide.
Germany is now in sixth place with a GDP of $5.31 trillion. First place this year is once again occupied by China, with a total GDP of just over $30 trillion.
It is followed by the United States of America (25.4 trillion), India (11.8 trillion) and Japan (5.7 trillion). The remaining countries that make it into the top 10 largest economies in the world are Indonesia, Brazil, France and the United Kingdom.
Four of the five BRICS countries (Brazil, Russia, India, China, and South Africa) are in the top 10, account for nearly half of the world’s population, and have surpassed the Group of Seven (G7), a self-proclaimed forum of U.S.-led nations that consider themselves the world’s most influential economies, in terms of economic size.
All indicators suggest that the importance of the G7 will continue to decline, while that of the BRICS+ will increase.
Considering that the current GDP of Russia and Japan are close to each other and Russia’s economy is growing faster, Russia may soon overtake Japan and move up to 4th place, just behind giant India, the world’s most populous country.
Russia has enormous amounts of raw materials and also excellent engineers and IT experts. In addition, it has a huge economic space of its own. Economics says that small states need foreign trade. Large states, however, do not necessarily. That is why sanctions cannot be successful. Every economist knows that, but the German Minister of Economics, a fierce sanctions advocate and a children’s book author, probably doesn’t.
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