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, the largest country, has the largest reserves of raw materials in the world. It has outstanding engineers and IT experts. It also has a huge economic area of its own. And unlike its Western opponents, it is debt-free. Compare that with the USA, which spends as much on debt interest as it does on its huge military and is de facto bankrupt.
Economics says that small states need foreign trade. Large states, however, do not necessarily. That is why sanctions cannot be successful. Every economist knows this, but the German Economics Minister, a vehement supporter of sanctions and children’s book author does not. The Western sanctions, which were intended to weaken Russia, have not harmed Russia, but have harmed Europe all the more (to the benefit of the USA).
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