Russia has fallen in the ranking of the world’s largest economies: how and why it happened
4 July 2024 22:12
Russia has dropped out of the top ten largest economies in the world. This was reported by "Komersant Ukrainian" with reference to the World Bank’s infographic.
According to the results obtained in the economic sphere, Russia took 11th place in the ranking. It is ahead of the following countries:
- United States of America
- China
- Germany
- Japan
- India
- United Kingdom
- France
- Italy
- Brazil
- Canada
According to the Moscow Times, the departure from the top ten countries has provoked a fall in the ruble. In 2023, the Russian economy grew by 3.6%, more than the global economy, but due to the weakening of the ruble in dollars, its size decreased by 10.8%, from $2.27 trillion to $2.02 trillion, according to the World Bank. As a result, Russia dropped from eighth place to 11th in its ranking of the size of economies, behind Italy, Brazil and Canada, although they grew more slowly last year: 0.9%, 2.9% and 1.1% respectively.
It is worth noting that Russia has been around the 10th place in the list of the largest economies in the World Bank’s ranking for almost 20 years. It has been in and out of the top ten for a short time, whenever there is another crisis or devaluation. Russia entered the top ten in the mid-noughties, when the economy was growing rapidly, but dropped out in 2009, returned after recovering from the crisis, and dropped out again in 2015. In 2021, Russia was tenth again, and in 2022, thanks to the abnormal strengthening of the ruble, it rose to eighth place.
