BRICS founder Russia officially holds the largest GDP in Europe, following a Friday GDP report. The country’s war-driven economy has seen a boom in 2024, and it’s now the highest GDP in the continent in terms of Purchasing Power Parity “PPP.” The World Bank also classifies Russia’s economy as high-income in a new report published this week.
The BRICS founder has flourished economically despite increased sanctions since its invasion of Ukraine in 2022. Russia’s GDP grew 3.6% in 2023, with trade and financial sectors rebounding. The country’s trade jumped by nearly 7% last year, while activities in the financial sector and construction grew by 6.6% and 3.6%, respectively.
“Economic activity in Russia was influenced by a large increase in military-related activity in 2023,” World Bank economists wrote in their report this week. The report confirms that Russia’s war activity and recent actions have indeed boomed its economy. It adds that Russians earned $14,250 per person on a gross national income basis in 2023.
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Russia Along With 2 Other BRICS Nations Possess The Biggest GDPs in the World
China remains the top GDP in the entire world by PP, with the United States a distant second. Russia and India are the other two BRICS countries in the top five globally for GDP, further showing the bloc’s recent growth.
Within the last year, the BRICS economic alliance has firmly established its commitment to growth and global influence. The bloc enacted its first expansion initiative since 2001, leading the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia to join the growing collective. They have more fervently embraced de-dollarization initiatives within the bloc. Now, with the largest GDP in Europe and three of the top five globally, BRICS is becoming a global powerhouse economically.
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The latest milestone for Russia will be inspiring for other BRICS nations big and small. Many BRICS economies are expected to continue growing this year. India has been forecast to emerge as one of the world’s most dominant economies by 2028. Fellow BRICS nations will also look to challenge the current positions of the G7 countries.
Other than Russia, the World Bank also upgraded Bulgaria and Palau from upper-middle-income to high-income countries in their latest report. Ukraine also moved up from a lower-middle-income country to an upper-middle-income country as real GDP grew by 5.3%.