The International Monetary Fund (IMF) noted that Russia is now the fourth-largest economy based on purchasing power parity (PPP).
This is despite the US, UK, EU Japan, Canada and Australia imposing over 16 500 sanctions on the Russian Federation after its invasion of Ukraine in 2022.
The new data from the IMF comes on the heels of the 16th BRICS Summit in Kazan.
Three of the world’s leading economies are BRICS members.
The fund said earlier this week that Russia’s gross domestic product (GDP) in 2024 amounts to 3.55% of global GDP in terms of PPP.
The IMF said that Russia is now outperforming Japan which contributes only 3.38% of the global GDP.
Who ranks supreme?
According to the IMF the four largest economies in the world are and their contribution to the global GDP:
China - 18.8%
US - 15%
India - 7.9%
Russia - 3.55%
Therefore world’s leading economies by PPP now include three BRICS nations.
BRICS will help reshape the Global South and world order
President Cyril Ramaphosa said earlier this week that the BRICS partnership will provide an opportunity to change the trajectory of the Global South.
The South African head of state said BRICS is an inclusive formation that has the ability to change the Global South, but in order to do this, nations must realise the full potential of this economic partnership to ensure sustainable development for all.
“We must undertake bold steps towards a mutual, shared and equitable prosperity. Like most of the world, South Africa desires the smooth operation of supply chains, trade, tourism, and financial flows free from external influence in a multi-polar world,” he added.
The president said that the BRICS partnership has an important role in addressing the challenges of the Global South in partnership with like-minded emerging market countries.
IOL BUSINESS