Russia retained its position as the world’s fourth largest economy in 2024, while the gap with its closest competitor doubled, according to data published by the World Bank and Sputnik’s calculations.
The size of the Russian economy in terms of purchasing power parity last year was $6.92 trillion versus $6.45 trillion in 2023. As a result, the country remained in fourth place among the largest economies.
Japan remains fifth, with its GDP having gone up to $6.4 trillion in 2024 from $6.25 trillion the year before. The gap between Russia’s and Japan’s GDP doubled last year, reaching $514 billion against $264 billion in 2023.
China remains the leader with a GDP at purchasing power parity of $38.2 trillion, followed by the United States ($29.2 trillion) and India ($16.2 trillion).
The Russian economy has shown significant growth in recent years, with the country’s GDP growing 4.1% in 2023 and 4.3% in 2024. According to the International Monetary Fund (IMF) data and Sputnik’s calculations, Russia entered the top five countries in 2024 in terms of contribution to global GDP growth in purchasing power parity, which allowed it to consolidate its position as the world’s fourth economy.
In April, the IMF projected Russia’s growth to slow to 1.5% in 2025.
