Russia joins the World Bank's list of high-income countries.
According to RIA Novosti, on July 1st, the World Bank included Russia in the group of high-income countries. In 2023, the gross national income per capita increased to $14,250. In 2022, this figure was $12,830.
The World Bank attributes Russia's entry into the group of upper-middle-income countries to increased defense spending, as well as a recovery in trade, the financial sector, and the construction industry.
Mikhail Ulyanov, Russia's permanent representative to international organizations in Vienna, said that the World Bank's inclusion of Russia on the list of high-income countries demonstrates the ineffectiveness of Western sanctions.
Bulgaria and Palau also joined the list of high-income countries. In addition, Ukraine, Algeria, Mongolia, and Iran improved their status, moving from the lower-middle-income group to the upper-middle-income group. Ukraine, in particular, saw its per capita gross national income increase from $4,270 to $5,070 thanks to renewed economic growth and a continuing declining population.
The only country in the World Bank's ranking to experience a decline in income is Palestine. Its nominal GDP fell by 9.2%.
At the end of May 2024, the World Bank updated its purchasing power parity index data. According to them, the Russian economy ranked fourth in the world in 2021. For the next two years, the country maintained this position. Russia's market share reached 3.8% of global GDP, ahead of Japan (3.7%) and Germany (3.4%).
