Russia is one of the fastest-growing economies of the 21st century

The Russian economy expanded 7.7 times and ranked tenth in the list of countries with the fastest economic growth in the world.

Data released by the International Monetary Fund and the World Bank indicated that Russia’s GDP, which was estimated at around $260 billion at the end of the last century, surged to over $2 trillion by the end of 2023.

Globally, Ethiopia topped the list of fastest-growing countries, with its economy growing 19.4 times since the beginning of the century, reaching $160 billion.

China grew 14.6 times, Kazakhstan 14.2 times, and Vietnam and Qatar were among the top five with growth rates exceeding 13 times.

Major economies such as Romania, Kenya, Bangladesh and Indonesia also experienced remarkable growth of more than 8 times during the same period, with India emerging as the third fastest growing economy within the BRICS with a 7.6-fold increase.

It is noteworthy that the Russian GDP has witnessed a growth of 5.4% over the past four years, and foreign trade has increased starting in 2021 to record $ 789.4 billion, an increase of 37.9% over 2020.

In 2022, Russia’s foreign reserves reached a record $643.2 billion, while 2023 witnessed an inflation rate of 11.9% and is expected to range between 7.0 and 7.5% this year.

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