Despite the sanctions: the economy of the Russian Federation has risen in the World Bank’s ranking in terms of income
The intensification of military activity contributed to a significant increase in military activity.
Over the past two years, Russia’s economy has so defied sanctions that the World Bank has upgraded the Russian Federation in the ranking of income indicators. In particular, on July 1, the country’s rating increased from a country with an above-average income to a country with a high level of income. About this write edition of Business Insider.
The authors of the article note that in 2023, the per capita income of Russians, based on the gross national income, was $14,250.
“Economic activity in Russia affected by a significant increase in military activity in 2023”, – stated in the World Bank report.
The journalists also noted that the fact of the increase in the rating of the World Bank is confirmed by the report, according to which the growth was caused mainly by activities during the war. The war contributes to the growth of demand for military goods and services, which makes some sectors of the Russian economy profitable.
According to the results of last year, the trade indicator increased by almost 7%, and the construction and finance sectors – by 3.6 and 6.6%, respectively. This trend led to an increase in the real gross domestic product of Russia by 3.6%. This contributed to the improvement of the material situation of a part of poor Russians and at the same time complicated any calculations regarding the end of the war.
