Russia returns to top ten world's largest economies

According to the data from the World Bank (WB) and national statistical services, for the first time since 2014, Russia returned to the top ten largest economies in the world

In 2022, Russia produced $2.3 trillion worth of goods and services, which allowed it to take eighth place in this indicator. The last time our country was in the top ten in 2014: it was ninth with GDP amounted to $2.05 trillion. In 2021, the country took 11th place, RIA Novosti reports.

Last year, the USA remained the largest economy in the world, since its GDP amounted to $25.46 trillion. China took second place with $ 17.94 trillion, Japan closed the top three with GDP amounted to $ 4.17 trillion.

Further places were distributed as follows: Germany took fourth place ($4.07 trillion), India got fifth place ($3.4 trillion), Great Britain was sixth ($3.07 trillion), France was ranked seventh ($2.78 trillion),Canada took ninth place ($2.14 trillion) and Italy was tenth ($2.01 trillion). South Korea dropped out of the top ten, having lost three positions at once.

The countries ranking by GDP was based on the latest annual or quarterly data provided by national statistical services in national currencies and, if necessary, converted in dollar terms at the average exchange rate for the corresponding period.

Russia also dropped out of the list of countries with the highest annual inflation. Last year, inflation in the country amounted to 3.5%, and, according to this indicator, the Russian Federation ranked 102nd in terms of price growth among all world countries.

The highest inflation in March in annual terms remains in Lebanon (264%), Argentina (104.3%) and Zimbabwe (87.6%).

Suriname ranks fourth with 59.4% and Türkiye ranks fifth with 50.5%.

As for Europe, in March inflation peaked Hungary (25.2%), Moldova (22%) and Ukraine (21.3%). It remained above 10% in 14 more states, including the Baltic countries, Serbia, Poland, Sweden and the UK.

In the Middle East, Lebanon, Türkiye and Egypt (32.7%) remained the leaders in terms of price growth, while the smallest inflation was in Oman - around 1.6%.