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