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Russia can become world’s 4th economy if GDP grows at least 2% a year — First Deputy PM

Andrey Belousov stated a high level of Investment activity in Russia

NOVO-OGARYOVO, March 14. /TASS/. Russia can become the fourth largest economy in the world, provided it maintains sustainable growth of at least 2% per year with a gradual acceleration to 3%, First Deputy Prime Minister Andrey Belousov announced this at a meeting of President Vladimir Putin with members of the government.

"By 2030, our country should become one of the four largest economies in the world. Today, as is known, in terms of GDP and purchasing power parity, the Russian economy ranks fifth. Calculations show that Russia can become the fourth economy in the world, ahead of Japan, provided maintaining sustainable growth of at least 2% per year with a gradual acceleration by the end of the period to 3%," he said.

Belousov also stated a high level of Investment activity in Russia.

"Based on data for the past year, investment in fixed assets increased by 9.8% - almost three times faster than GDP growth. The task is to maintain rapid investment growth throughout the entire period 2025-2030," he said.

At the end of 2022, Russia entered the top five largest economies in the world and overtook Germany in terms of purchasing power parity and economic volume. The World Bank published this assessment in August 2023, updating the assessment of the world’s GDP at the end of 2022. According to the World Bank’s report, Russia is among the five largest economies in the world. The economy of China ranks first followed by the United States, India and Japan with Russia’s closing the top five.

According to the Federal Statistics Service preliminary estimate, Russia's GDP growth in 2023 amounted to 3.6%. The Economic Development Ministry expects Russia's GDP to grow by 2.3% in 2024.

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