Russia and Other BRICS Countries Show Economic Growth Since the Beginning of the Century
The Russian economy has secured the 10th position in the ranking of major world economies by growth rates since the beginning of the century. The corresponding analysis was conducted by the International Monetary Fund and the World Bank.
Economists evaluated states with GDP sizes exceeding $100 billion. By the end of 2023, there were 68 such countries, compared to 35 at the turn of the 21st century.
Over more than 20 years, the Russian GDP has grown by 7.7 times, reaching approximately $2 trillion. At the end of the last century, the gross domestic product amounted to around $260 billion.
The most dynamic economic growth was demonstrated by Ethiopia, increasing by 19.4 times to $160 billion. China’s GDP increased by 14.6 times, reaching $17.7 trillion. Kazakhstan ranked third with $261 billion, showing a growth of 14.2 times.
Vietnam, Qatar, Romania, Kenya, Bangladesh, and Indonesia also made it to the top ten. Among the BRICS countries, besides China and Russia, economic growth was demonstrated by India, the UAE, Egypt, Iran, Brazil, and South Africa.
Countries with slow growth in GDP were identified, including Greece and Puerto Rico.
Among the G7 countries, positive results were shown by Canada, the USA, Germany, France, and the United Kingdom. However, Italy and Japan, members of the G7, demonstrated negative results. The Italian economy developed slowly over the past 20 years, while the Japanese economy shrank by 15% to $4.2 trillion instead of $5 trillion.
Photo: unsplash.com