According to The Moscow Times , over the past 10 years, GDP per capita in the Russian Federation has decreased by 16%. As a result, in the world ranking, Russia was on the same level as Mexico and lower than Panama, Argentina, Bulgaria and Hungary.

As reported, the Russian Federation currently ranks 68th in the world in terms of GDP per capita, which is considered an indicator of the level of economic activity and the quality of life of citizens.

For example, last year the Russian economy generated $13,648 per capita GDP, which is 6 times less than the United States ($81,632), 4 times less than Germany, and almost 10 times less than the world leader – Luxembourg ($129,810).

According to the IMF forecast, in the next three years, the GDP in Russia per capita will grow by only 11%, up to $15,146. As a result, Russia will fall back into the top ten countries and overtake Kazakhstan and Turkmenistan, whose GDP per capita is expected to reach $15,964 and $15,517, respectively, by 2027.

Russia’s economy – risks

The Hill publication writes that Russia’s economy is not as strong as some observers believe.

So, in 2022, Russia became the most sanctioned country, even more than Iran, Cuba and North Korea combined.

The number of corporate bankruptcies in the first two months of 2024 in Russia increased by 57% compared to last year.

Also, the Russian economy depends on oil and gas, which means that Russia is very vulnerable if energy prices fall or an increase in the production of military equipment leads to a reduction in production in other parts of the economy.

(C)UNIAN 2024