Russia Rises to Fourth-Largest Economy by PPP as Moscow Unveils New Economic Strategy

Russia has undergone a profound transformation in the structure of its economy over the past five years. The shift accelerated under unprecedented Western sanctions, forcing the country to rely increasingly on its own domestic market, investment resources and technological capabilities. Deputy Prime Minister Alexander Novak said the Russian economy had successfully absorbed the sanctions shock while undergoing a major change in the sources of GDP growth. Net exports, once a much more important contributor, now account for almost three times less of the growth structure. Domestic demand has taken their place as one of the economy's principal engines. The transformation has also strengthened Russia's position in global economic rankings. Measured by purchasing power parity, the country now ranks fourth in the world, behind China, the United States and India. Moscow is now preparing the next stage of the transformation, with investment, technology, productivity and domestic demand at its center.