russian Russia sanctions economy

Sanctions Fail: Russia Now the World’s 4th Largest Economy

EDITOR'S NOTES

So much for America’s (and NATO’s) sanctions on Russia—they’ve done virtually nothing to cripple its economy. In a stunning turn of events, Russia has ascended to become the 4th largest economy in the world in terms of purchasing power parity (PPP), according to the latest World Bank data. This development is a clear indicator of the BRICS alliance’s growing clout, with Russia joining China and India in the top five. As BRICS nations solidify their economic positions, the once-dominant G7 faces a formidable challenge. The illusion of Western economic dominance is crumbling, revealing a new world order where American sanctions are powerless to stop the rise of Russia and its allies.

As the BRICS economic alliance continues its ascension, Russia is now the 4th largest economy in the world in terms of purchasing power parity (PPP). Indeed, Moscow now joins China and India in the top five, according to data from the World Bank that was released this month.

The development is yet another verifiable facet of the bloc’s ongoing growth trajectory. Subsequently, the only non-BRICS nations featured in the top five are the United States and Japan. The development continues to fortify the BRICS quest for a multipolar world in the ever-changing global economic landscape.

BRICS nations Represent 3 of the Top 5 Global Economies

BRICS, Russia India and China
Source: CNBCWithin the last year, the BRICS economic alliance has firmly established its commitment to growth and global influence. The bloc enacted its first expansion initiative since 2001, leading the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia to join the growing collective. Moreover, they have more fervently embraced de-dollarization initiatives within the bloc.

Now, those efforts have culminated in the continued establishment of a multipolar world. Specifically, the BRICS economic alliance has observed Russia become the 4th largest global economy (PPP). According to the World Bank statistics, the country has surpassed Japan in the most updated readings.

brics summit vladimir putin russia president
Source: Reuters

Its recent ascension is the continuation of economic momentum for Russia. Specifically, it had previously surpassed Germany in August of last year. Since that took place, the country has fallen out of the top five entirely, representing the sixth-largest global economy in the world.

The figure will be interesting to observe continuously, as many BRICS economies are expected to continue growing. Indeed, India has been forecast to emerge as one of the world’s most dominant economies by 2028. That should continue to increase fellow BRICS nations while challenging the current positions of the G7 countries.

This article originally appeared on Watcher.Guru

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