Russia’s economy dropped from eighth to 11th place, behind Italy, Brazil and Canada.
Russia dropped out of the world’s top ten largest economies in dollar terms due to the collapse of the Russian ruble exchange rate. This is confirmed by World Bank data.
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Russia’s economy grew by 3.6% last year, more than the global economy, but due to the weakening of the ruble against the dollar, its size fell by 10.8%, from $2.27 trillion to $2.02 trillion. Thus, the Russian economy dropped from eighth to 11th place, behind Italy, Brazil and Canada, although they grew more slowly during the same period: 0.9%, 2.9% and 1.1%, respectively .
A similar situation occurred in Japan: due to the depreciation of the yen, it dropped to fourth place, leaving Germany in third place.
The United States leads by a large margin: the American economy is a third larger than the Chinese – $27.4 trillion. compared to $17.8 trillion. respectively.
Ten largest economies in the world:
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USA – $27.361 trillion
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China – $17.795 trillion
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Germany – $4.456 trillion
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Japan – $4.213 trillion
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India – $3.550 trillion
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UK – $3.340 trillion
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France – $3.031 trillion
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Italy – $2.255 trillion
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Brazil – $2.174 trillion
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Canada – $2.140 trillion
Russia entered the top ten largest economies for the first time in the mid-2000s, when its economy was growing rapidly, but disappeared from the list in 2009. Due to crises and devaluations, Russia may return to the list or drop from it. The last time the Russian Federation was in the top ten was in 2022 against the backdrop of an abnormal strengthening of the ruble.
Note that in 2023, the gross domestic product of Ukraine increased by 5.3%, and in dollars, according to the World Bank, the size increased from 162 to 178.8 billion dollars. Thus, Ukraine rose from 59th place to 57th.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.