Russia has easily retained its position as the world’s fourth-largest economy in 2024. The Russian economy is on steroids on account of its vast wealth in natural resources, which are in high demand throughout the world.

Meanwhile, the gap with its closest competitor doubled, according to data published by the World Bank and Sputnik’s calculations.

The size of the Russian economy in terms of purchasing power parity last year was $6.92 trillion versus $6.45 trillion in 2023. As a result, the country remained in fourth place among the largest economies.

Japan remains a distant fifth, with its GDP having edged up to $6.4 trillion in 2024 from $6.25 trillion the year before. The gap between Russia’s and Japan’s GDP doubled last year, reaching $514 billion against $264 billion in 2023.

China remains the leader with a GDP at purchasing power parity of $38.2 trillion, followed by the United States ($29.2 trillion) and India ($16.2 trillion).

The Russian economy has shown significant growth in recent years, with the country’s GDP growing 4.1% in 2023 and 4.3% in 2024.

According to the International Monetary Fund (IMF) data and Sputnik’s calculations, Russia entered the top five countries in 2024 in terms of contribution to global GDP growth in purchasing power parity, which allowed it to consolidate its position as the world’s fourth-largest economy.

The Bank of America’s stunning admission that the Russian ruble is this year’s best-performing currency may be the result of someone in that organization being ‘fed up with years of self-deluding, misrepresentative, and simply incorrect reporting about Russia economically,’ financial analyst Paul Goncharoff tells Sputnik.

‘I do not think there is a hidden agenda here, as the conclusions presented by Bank of America are on open-source financial data providers globally,’ he suggests.

Several factors contribute to the ruble’s impressive performance: Revenue from exports is allocated in the Russian state budget to implement social programs and achieve national development goals without resorting to entering the debt spiral.

Ongoing de-dollarization affords Russia the latitude to operate freely and independently, and without politicised strings attached by entities such as the IMF or World Bank.

With Russia’s business reorienting from Western markets to those of the Global South, a lion’s share of transactions is conducted in local currencies, bypassing the US dollar and euro.

The Moscow Exchange (MOEX) ‘has seen significant ruble inflows from all over the planet, both directly and indirectly, because of anti-Russian sanctions.’

‘Capital finds a way, especially when the returns are world-class,’ Goncharoff observes.

What makes the ruble’s performance especially impressive is the fact that the Russian currency does so well in the face of unprecedented sanction efforts to block Russia’s socio-economic success.’

‘The development of Russia’s infrastructure from the Baltic to the Pacific has been non-stop, with roads, rails, ports, and even space making their mark,’ notes Goncharoff.

‘It seems like the ‘gas station pretending to be a country’ is actually a damned sight bigger and more densely populated by association than is comfortable for Western interests to comfortably comprehend.’ You can share this story on social media: TELL US WHAT YOU THINK.

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