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.

[adorno]

Russia TOTALLY KICKED ASS economically, when you guys promised a ‘collapse’.

Russia is still a third-world economy, and no amount of denial is going to change that fact.

Russia may be kicking ass, but it's their own asses they're kicking for being so stupid. You can join them in their stupidity and go kick your own ass. ;)

Relying on the world bank is ridiculous; it's like accepting what the WHO says about infectious diseases; totally dumb.

And, who submits economic data to the world bank? If they depend on data submitted by Russia in order to arrive at economic data, then you know it's a complete farce. It's like when China was reportedly growing at 10% per year for many years, and then later, it was all a lie when it became clear that it was all data submitted by China and not really corroborated by outside sources.

[BobL]

“Russia is still a third-world economy, and no amount of denial is going to change that fact.”

I guess your guys also didn’t feed you the news from last week, when the World Bank also declared that Russia is a “High Income” country, meaning First World.

But that’s ok, the Russians JUST LOVE IT when the West lives in their own fantasy world...makes everything a cakewalk for them.

[adorno]

the World Bank also declared that Russia is a “High Income” country, meaning First World.

The world bank is dependent on data reported by member countries, which means that, any reports from the world bank could be dependent on faulty data coming from a corrupt country such as Russia, which lies constantly to mislead about how their doing economically and militarily, etc. China had been lying for decades about their economic growth, and the world bank accepted their data. Anybody that trusts what Russia says to any organization, is a fool, and the world bank is never going to admit that their reports should be taken with a grain of salt.

The PPP, as reported and which could be suspect, still indicates that the Russian people are not doing so great. The PPP shows that, what it would take $2 in the U.S., would take just $1 in Russia. Great, but, with Russians earning 4-5 times less yearly, their purchasing power doesn't go that far. The U.S. citizens can do a lot more with their money than the vast majority of Russians. "High Income" is a relative term and doesn't reflect the reality that, most Russians are still poor in comparison to western standards.

Thw world bank has no alternative but to accept what Russia says, but, like Reagan said, 'trust but verify", and we have no way to trust or verify anything that Russia says.

GIGO is very applicable with the world bank figures, at least when applied to anything coming out of Russia.

[BobL]

The Russians ABSOLUTELY LOVE YOU GUYS for keeping your heads in the sand. You’ve already advanced their dream to break free of the Neocons by decades and soon they fully close the deal.

They’re just blown away at the PURE STUPIDITY of the Neocons, as to you - you just cannot accept, so I forgive you.

[adorno]

They’re just blown away at the PURE STUPIDITY of the Neocons, as to you - you just cannot accept, so I forgive you.

So, you know you can't win the argument with your nonsense, and therefore, you think that by using the word 'neocon' you reinforce your argument. Garbage!!!

Your data and arguments are nonsense, and Russia is still a third-world economy. Just a little bit over %2 trillion and you call that a first world economy. Somalia may be surpassing them is a few years. Mexico is already on par with Russia and people are trying to escape the poverty there. Get a clue, dimwit.