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 will increase to $14,250. In 2022, this figure will be $12,830.
The World Bank attributed 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.
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. They moved 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, with its nominal GDP falling 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 share of world GDP reached 3.8%, ahead of Japan (3.7%) and Germany (3.4%).
