Russia has dropped out of the top ten largest economies in the world.

The fall of the ruble has led to the fact that Russia has dropped out of the top ten largest economies in the world – if you count in absolute dollars.

In 2023, the russian economy grew by 3.6%, which is more than the global economy, but due to the weakening of the ruble in dollars, its size decreased by 10.8% - from $2.27 to $2.02 trillion, the World Bank (WB) estimates. As a result, in its ranking of the size of economies, russia dropped from eighth place to 11th, behind Italy, Brazil and Canada, although their economy grew more slowly last year: 0.9%, 2.9% and 1.1%, respectively.

A similar situation happened with Japan: due to the fall in the yen exchange rate, it dropped to fourth place, letting Germany with $4.46 trillion go to third. The United States is leading by a huge margin: the American economy is a third larger than the Chinese one – $27.4 trillion and $17.8 trillion, respectively.

On a per capita basis, russia looks much paler: GDP in 2023 was $13,817 compared to $15,445 a year earlier – according to this indicator, russia dropped to 86th place (between Mexico and Argentina).

@freerussia_report