MOSCOW, August 25. /TASS/. Russia is capable of retaining fourth place among the world’s largest economies by GDP at purchasing power parity (PPP) thanks to its own resilience and the slowing growth of other countries, Executive Director of the Stolypin Institute of Growth Economics Anton Sviridenko told TASS.

According to data from the International Monetary Fund (IMF) visualized by the media platform Visual Capitalist, Russia has become the world’s fourth-largest economy and the largest in Europe in terms of gross domestic product (GDP) at purchasing power parity (PPP) this year.

"The fact that Russia retains fourth place in terms of purchasing power parity speaks to our economic resilience and the effectiveness of our economic and fiscal policy institutions and financial infrastructure. Even amid persistent and mounting external pressure, our economy is maintaining its relative standing," he said.

Indonesia was previously considered one of Russia’s potential competitors, Sviridenko noted, adding that the growth rates of the Indonesian and other Asian economies, with the exception of China, have slowed. "On the one hand, we will survive because we are capable and resilient. On the other hand, it is because the global economy is not growing as rapidly," he explained.

Russia’s position is also supported by low economic growth in the European Union and Japan, with events in the Strait of Hormuz, restrictions on oil supplies, and rising costs for fertilizers and petroleum products creating additional challenges for the global economy, the expert added.

"However, to maintain our position, we need to restart the investment cycle and significantly expand sources of accessible capital by employing a prudent encouraging monetary policy with affordable interest rates, while also establishing favorable mechanisms for converting savings into investments," he concluded.