World Bank report on GDP growth rate for 2024

World Bank Upgrades Russia to High-Income Country with $14,250 GDP per Capita Despite Sanctions

Jul 5, 2024, 04:05 PM

The World Bank has upgraded Russia to a high-income country, estimating its gross income per capita at $14,250 annually. This classification change comes just two years after the West imposed sanctions on Russia. The World Bank's latest report indicates that Russia's GDP grew by 3.6% in 2023, driven by military-related activity. Additionally, Russia now has the largest GDP in terms of purchasing power parity in Europe. The threshold for high-income classification is a GDP-per-capita of $14,000 a year.