(MENAFN) The International Monetary Fund (IMF) has upgraded Russia to the position of the world’s fourth-largest economy by purchasing power parity (PPP), surpassing Japan. According to the IMF's latest World Economic Outlook, Russia’s GDP for 2024 accounts for 3.55% of global GDP in PPP terms, outpacing Japan’s 3.38%. Russia now ranks behind China, the U.S., and India.

The report highlights that Russia’s rise in the rankings is partly driven by Western sanctions, which have pushed the country toward aggressive import substitution and domestic production. Russia has gradually overtaken European economies like the UK, France, Germany, and Japan in recent years.

Russia’s GDP growth forecast for 2024 was also revised upwards by the IMF, now projected at 3.6%, up from an earlier estimate of 3.2%. However, the IMF has downgraded its growth forecast for 2025 to 1.3% from 1.5%, citing slowing private consumption and investment.

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