Experts have allowed Russia to enter the top-3 economies of the world

It will be difficult for Russia to enter the top-3 largest economies in the world, as the leaders of the World Bank rating in China, the United States and India have come out ahead by a wide margin, experts polled by Izvestia believe. However, this is possible in the long term — not earlier than 2034-2035, says Natalia Milchakova, a leading analyst at Freedom Finance Global.

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Russia's GDP at purchasing power parity (PPP) was $6.92 trillion. Russia was overtaken by China, the USA and India. Japan also entered the top 5.

The steady economic growth in 2024 is the result of the work of Russian companies that have been able to adapt to the new difficult conditions, the press service of the Ministry of Energy told Izvestia. This was also facilitated by effective solutions in the field of stimulating economic activity in the IT sector, agriculture, and construction, added Mikhail Khachaturian, Associate Professor of the Department of Strategic and Innovative Development at the Financial University.

"The high rates of economic growth in Russia have been associated with the "fiscal impulse" for several years in a row. So, in 2021, when the Russian Federation entered the four largest economies in the world for the first time, growth was largely provided by budget subsidies aimed at supporting healthcare and combating coronavirus. For comparison, in 2023-2024, economic growth was provided by a "budgetary impulse" in industries operating under state defense orders, producing dual — use products, as well as in industries related to import substitution," Natalia Milchakova explained.

Read more in the exclusive Izvestia article:

Leadership dispositions: will Russia manage to enter the top 3 economies of the world