Russia is no longer among the world's top ten largest economies

Russia has dropped out of the top ten largest economies in the world in dollar terms due to the fall in the ruble exchange rate.

This is evidenced by the World Bank data. In the past In 2023, the Russian economy grew by 3.6% – more than the global economy. However, due to the weakening of the ruble against the dollar, its size decreased by 10.8% – from $2.27 trillion to $2.02 trillion.

In this regard, the size of the economy Russia dropped from eighth to 11th placebehind Italy, Brazil and Canada, although their economies grew more slowly last year: 0.9%, 2.9% and 1.1% respectively. A similar situation occurred with Japan: due to the fall of the yen, it fell to fourth place, letting Germany fall into third place.

The United States leads by a wide margin: the American economy is a third larger than China's – $27.4 trillion versus $17.8 trillion, respectively. Here's what the world's top ten economies look like:

1. USA – $27.361 trillion
2. China – $17.795 trillion
3. Germany – $4.456 trillion
4. Japan – $4.213 trillion
5. India – $3.550 trillion
6. UK – $3.340 trillion
7. France – $3.031 trillion
8. Italy – $2.255 trillion
9. Brazil – $2.174 trillion
10. Canada – $2.140 trillion.

Russia first entered the top ten largest economies in the world in the mid-2000s, when the economy was growing rapidly, but dropped out for the first time in 2009. Due to crises and devaluation, the Russian Federation has returned and dropped out. It last entered the top ten in 2022 due to the abnormal strengthening of the ruble.

Ukraine rose in the ranking from 59th to 57th place. In 2023, Ukraine's gross domestic product increased by 5.3%, and in dollars, according to the World Bank, the size increased from $162 billion to $178.8 billion.

Greece is ranked 55th on the list, with a gross domestic product of $238.2 billion.

Full country data can be found here Here.

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