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| - FACT CHECK: Did Russia Become The Fourth Largest Economy in the World?
A post on X claims that the International Monetary Fund (IMF) declared Russia the “fourth-largest economy in the world.”
🚨Update: The International Monetary Fund (IMF) has declared Russia the fourth largest economy in the world! pic.twitter.com/yeIeJnSKcg
— US Civil Defense News (@CaptCoronado) October 23, 2024
Verdict: Misleading
Russia became the fourth-largest economic power in terms of Purchasing Power Parity (PPP). In terms of nominal Gross Domestic Product (GDP), which surveys the overall economic output, Russia ranks 11th.
Fact Check:
North Korean troops have been reportedly assembling in the Kursk region of Russia, seemingly prepared to fight in the country’s war on Ukraine, according to The New York Times. It is not clear what role the North Korean troops will directly play in any offensive on Ukraine, the outlet reported.
The post on X claims the IMF had recently ranked Russia as the fourth-largest economy in the world despite setbacks in their economy. (RELATED: Kamala Harris Claims Europe Saw War For ‘First Time In 70 Years’)
The claim is lacking context. When adjusted for adjusted for PPP, Russia ranks fourth. The metric, according to Investopedia, is a “macroeconomic analysis metric” that compares economic productivity and standards of living to other countries using currency conversion rates. Russia’s economy appears to be one of the faster-growing economies at the current time.
According to IMF reports and other economic forecasts, Russia ranks 11th in nominal GDP. This metric, according to Investopedia, is the measurement of all goods and services produced in a country at a given time period. The metric does not remove inflation or the pace in which prices are moving.
As of 2024, Russia is projected to grow its economy by 3.6%, largely due to increased government spending on the war effort. In addition, preliminary estimates from Trading Economics pins Russian GDP growth at around 4-5% per quarter, making it one of the fastest-growing developed countries in the world.
However, this growth does not place it as the fourth-largest economy globally in terms of nominal GDP. As of October 2024, IMF datamapper ranks Russia as the 11th largest economy in nominal GDP terms.
Reuters has recently reported that inflation and labor shortages are creating hurdles to sustained growth in the country despite efforts to circumnavigate war costs and sanctions. Russia’s Central Bank has also raised interest rates significantly to combat inflation, the outlet reported.
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