MOSCOW, April 2. /TASS/. Despite the unprecedented pressure, Russia ranks fifth in the 2023 global rating by GDP in terms of purchasing power parity (PPP) and is the largest economy in Europe, said Vyacheslav Volodin, speaker of the State Duma, the lower house of the Russian legislative assembly.

"The new country rating for 2023 (by GDP in terms of PPP) has been posted. Despite the unprecedented pressure, Russia is now the world’s fifth economy and the largest one in Europe," Volodin said on his Telegram channel.

Russia’s political system and its economic model "proved their effectiveness once again," the speaker said. "Instead, countries waging the illegal sanctions war against our country continue to experience its negative consequences to the full extent. The US cannot restore its leading position having lost it. The gap with China is growing. Germany fell to 7th position, France to 11th, the UK to 12th, Italy to 13th, Spain to 16th, and Canada to 18th position," Volodin noted.

Countries that refused to sanction Russia and made a choice in favor of mutually beneficial cooperation have outpaced "Washington’s satellites," he added. In particular, such countries include Egypt, Indonesia, Mexico and Saudi Arabia. This trend has continued for the second year in a row, Volodin noted.

"Challenges made us stronger. But there is still much to be done. We need to join the ranks of the four leading economic powers," the senior lawmaker said.