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Putin confident Russia to have no difficulty in joining world’s 5 most developed economies

The president recalled that in terms of purchasing power parity, Russia is currently the sixth after China, the United States, India, Japan, and Germany

ST. PETERSBURG, April 24. /TASS/. Russian President Vladimir Putin believes that the target of joining the world’s top five most developed economies is "absolutely manageable."

"Regarding (plans) to take our rightful place among other industrial powers, that is a challenging task, but overall it is absolutely manageable," he said on Wednesday, adding that Russia is facing the task of becoming the fifth-largest economy globally in terms of purchasing power parity, and that currently Russia is the sixth after China, the United States, India, Japan, and Germany.

"The difference between (Russia) and the Federal Republic (of Germany) is small, at some point we already took the fifth spot, but for us that is not simply an absolute priority. An absolute priority is different - to change the structure of economy," he said. According to Putin, "changes in the economic structure are required to ensure long-term development, that is an absolute priority, to ensure a multifold increase in labor efficiency. President added that the development of investment projects is particularly relevant amid the current environment connected with external restrictions that the country is facing.