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| Russian economy strongest in Europe – Putin | Russian economy strongest in Europe – Putin |
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| The country hopes to become one of the top four global economic powerhouses, the president has said | The country hopes to become one of the top four global economic powerhouses, the president has said |
| Russia is already the biggest economy in Europe in PPP terms, and could join the top four globally, Russian President Vladimir Putin said on Thursday. | Russia is already the biggest economy in Europe in PPP terms, and could join the top four globally, Russian President Vladimir Putin said on Thursday. |
| PPP is a metric popular with many economists that compares economic productivity and standards of living between countries by adjusting for the differences in the cost of goods and services. | PPP is a metric popular with many economists that compares economic productivity and standards of living between countries by adjusting for the differences in the cost of goods and services. |
| While delivering an address to the Federal Assembly on Thursday, the president noted that in 2023 the Russian economy outpaced the G7 states in terms of growth. | |
| “The pace and quality of growth allow us to say that in the near future we will take a step forward and become one of the four economic powers of the world,” Putin said. | |
| According to World Bank estimates, in 2023 Russia was the world’s fifth biggest economy in PPP terms, and the only country in Europe in the top five. | |
| China was at the top of the list, followed by the US, while India and Japan were a respective third and fourth. Russia rounded out the top five, with Indonesia sixth and Germany, the biggest economy in the EU, seventh. | |
| The Russian economy posted growth of 3.6% in 2023, according to official statistics, despite being subject to a wide array of international economic sanctions and being cut off from major financial markets. | |
| Among the G7, meanwhile, Germany's GDP contracted by 0.3% in 2023, while the UK is estimated to have grown at 0.1% and the US at 2.5%. | |
| For more stories on economy & finance visit RT's business section |