Russia's war-driven economy is so hot that the World Bank upgraded it to a 'high-income country'

Yahoo News ^ | July 3, 2024 | Huileng Tan

[Trump20162020]

Russia's economy has defied sanctions in the two years since Moscow invaded Ukraine in February 2022 — so much so that the World Bank is now classifying Russia as a "high-income country."

On Monday, the World Bank announced it has upgraded Russia from an upper-middle-income country to a high-income country, according to a report from the financial institution's economists.

"Economic activity in Russia was influenced by a large increase in military-related activity in 2023," World Bank economists wrote in their report.

Russia's trade jumped by nearly 7% last year, while activities in the financial sector and construction grew by 6.6% and 3.6%, respectively.

This boosted Russia's real GDP — which is economic growth adjusted for inflation — by 3.6%.

The development has made some poor Russians better off financially, complicating any calculus over how to end the war.

[Rockingham]

Just how did the CIA get Putin to invade Ukraine? Bribery? Or did they slip stupid pills into his morning tea?

[aMorePerfectUnion]

[E. Pluribus Unum]

I don’t waste my time on sleazy people who pretend history began on a day of their choosing.

[packagingguy]

That’s about average for Eastern Europe, depending on where you look it’s Hungarian levels of income.

Having been to Eastern Europe (but not Russia) things are much less expensive. So I can believe Purchasing Power Parity.

Plus most of Eastern Europe hasn’t imported hoards of third-world migrants.

If you want to see Europe and not Algeria, excuse me, France or Britain Prague and Budapest are wonderful. As I said I don’t know about Russia but pictures look nice.

[Paal Gulli]

War is good business. Invest your sons today.

[elpadre]

but, but the Biden and EU sanctions were supposed to drive Russia to their knees. They promised!!

[Rockingham]

I have forgotten more history than you will ever know.

[This_Dude]

If that were true, then you’d know how the CIA caused this.

[BobL]

“If that were true, then you’d know how the CIA caused this.”

Sounds like a bit of ‘trolling’ going on here with this Zeeper.

[adorno]

Putin and Russia are not my enemy, nor the enemy of normal Americans.

The Russian people may not be our enemies, but the leadership in Russia is OUR ENEMY.

Putin is murdering terrorist, and he supports terror within his country and through terror supporting countries. like Iran and even China. Putin is a danger to all countries surrounding Russia and all countries that don't support his regime. He is no different from Stalin and Lenin and Hitler. Anybody that terroriess people round him and anywhere else, is the enemy of the U.S. and NATO countries and, in reality, every place in the world.

That you can even say what you did, should get you banned from FR and you should be seen as a traitor to the U.S. and to all freedom-loving countries and people. Your support for Putin should have you imprisoned. Traitors like you used to get capital punishment. Luckily, you now live in a country that's mostly following the liberal doctrine created by democrats. Biden would pardon you if you were to be punished for your treason.

[adorno]

I trust the World Bank far more than some Zeeper spouting Neocon talking points, which have been PROVEN WRONG far more often than proven right.

The top 10 economies in the world in 2024:

https://www.forbesindia.com/article/explainers/top-10-largest-economies-in-the-world/86159/1

Notice that Russia is nowhere on that list, and that Italy and Canada are in that list.

So, stop bragging about something that is easily proven false.

[Rockingham]

On the verge of a KGB initiated political career in the municipal government of St. Petersburg, Putin obtained a doctoral degree with an academic thesis that post-Cold War Russia should seek to recover the territory and geopolitical power that the Soviet Union had. That required a return to state control of Russia's mineral wealth and recovery of Russian control over Ukraine.

Please, how do you see the CIA as responsible for such long held ambitions by Putin and the KGB?

[BobL]

Tough, like I said, the World Bank update was in June. Look harder.

[NorseViking]

15k in Moscow area buys more than 70k in Chicago.

[adorno]

Tough, like I said, the World Bank update was in June. Look harder.

Even tougher. No matter what the world bank says, a modest increase in Russia's economy still leaves a very weak economy. And, worst of all is that, whatever increase they get (which is mostly from their military industry), goes right back into Russia's spending on building and rebuilding their military because of their heavy losses in their invasion of Ukraine. Thus, the people get very little from their slightly better economy, if anything at all,

That 3% growth would still leave them out of the tp 10 list of top economies in the world. The U.S. economy is still 14 times greater than Russia's, and Europe's is about that many times greater than Russia's too, Mexico, a poor country, is about the same level as Russia. Russia has no business invading a neighbor with such a poor economy. And, to toot, even Ukraine's economy has grown during the war. When the war is over, Ukraine's economy will be healthier than Russia's; not necessarily bigger, but healthier.

Your gloating about Russia' economy is like gloating abut how a mouse grew its muscles next to an elephant's size. Total non-starter. Tough, but reality.

[BobL]

“The U.S. economy is still 14 times greater than Russia’s”

Closer to 4 times, per PPP, and perhaps if we had used the RIGHT data, we wouldn’t be getting our asses kicked right now.

[PGR88]

That you can even say what you did, should get you banned from FR and you should be seen as a traitor to the U.S. and to all freedom-loving countries and people. Your support for Putin should have you imprisoned.

Please FOAD, my fascist FRiend.

[adorno]

Please FOAD

Insults don't change the facts.

So, again...

That you can even say what you did, should get you banned from FR and you should be seen as a traitor to the U.S. and to all freedom-loving countries and people. Your support for Putin should have you imprisoned.

[adorno]

Closer to 4 times, per PPP, and perhaps if we had used the RIGHT data, we wouldn’t be getting our asses kicked right now.

28 trillion vs 2 trillion, is 14 times as much. Your '4 times' is wishful thinking, but still, many times more than Russia.

Russia Annual Household Income per Capita reached 7,082.736 USD in Dec 2023, compared with the previous value of 7,938.808 USD in Dec 2022. Compare that with the U.S. per capita of almost 78,000. Not even close!

Russia is a third-world economy by any measure. Most people there live in poverty. If Russia was a country sharing a border with the U.S., most people would have left and come to the U.S.

[BobL]

“Your ‘4 times’ is wishful thinking, but still, many times more than Russia.”

You can use whatever numbers make you guys feel better, but I’ll stick with World Bank. And if your fantasy about the size of the Russian economy were actually true (LOL), it doesn’t explain why Russia TOTALLY KICKED ASS economically, when you guys promised a ‘collapse’.

And that’s what really sucks, bad information leads to stupid decisions. If you used the proper numbers, would you guys have even started the Ukraine War if you knew it would lead to the West getting SPANKED? Sadly, I think the answer is yes.