The World Bank has upgraded Russia from an “upper-middle-income” to a “high-income” country with per-capita gross national income (GNI) totaling $14,250 in 2023.

“Economic activity in Russia was influenced by a large increase in military-related activity in 2023,” the international financial institution said Monday.

Russia’s move up the ranks was also boosted by growth in trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%), according to the U.S.-based institution.

“These factors led to increases in both real (3.6%) and nominal (10.9%) GDP, and Russia’s Atlas GNI per capita grew by 11.2%,” it said.

World economies are divided into four groups based on per-capita GNI measures in U.S. dollars. The World Bank’s 2024-25 classification for “high-income” countries increased the threshold to $14,005 or more.

Bulgaria and Palau joined Russia in becoming “high-income economies” with $14,460 and $14,250 per-capita GNI, respectively.

In nominal terms, Russia ranks 72nd in per-capita GNI and 53rd in purchasing power parity.

Ukraine, which has been fighting off a full-scale Russian invasion since 2022, moved up from a “lower-middle-income” to an “upper-middle-income” status after economic growth resumed in 2023, the World Bank said.

https://www.themoscowtimes.com/2024/07/02/world-bank-upgrades-russia-to-high-income-country-a85583World Bank Upgrades Russia to ‘High-Income’ Country
one day ago

In the middle of a war.
Putin is one of the most intelligent, strategic leaders on earth today.
Dude has had every bullet, every gun, every rifle planed out for years before he fired the first shot

Hate him or not, the man with steel balls has proven to be the greatest world leader ever, even ahead of his Chinese counterpart Chi, the west knows this too, reason they are doing everything possible to discredit him in the eyes of the world, but Africa now knows better and Nigeria should wake up and embrace a new relationship with Russia now before the rest of Africa leaves us behind.

Russia will loose the war