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[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
By 2016, the Russian economy rebounded with 0.3% GDP growth and officially exited recession. The growth continued in 2017, with an increase of 1.5%. [146] [147] In January 2016, Bloomberg rated Russia's economy as the 12th most innovative in the world, [148] up from 14th in January 2015 [149] and 18th in January 2014. [150]
How big is Russia compared with the USA? The U.S. is approximately half the size of Russia when compared by their landmasses. According to NationMaster.com, Russia is 1.8 times larger than America.
Based on the results, the World Bank announced that in 2021 Russia was the world's 4th largest economy (int$5.7 trillion and 3.8 percent of the world) and the largest economy in Europe and Central Asia when measured in PPP terms (15 percent of the regional total), followed by Germany (13 percent of the regional economy). [18]
The inflationary pressures on the Russian economy remain high, despite the Russian Central Bank setting an interest rate of 18%. An annualized rate of price increases from May to July stands at 10 ...
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Contiguous zones and exclusive economic zones are not included. Total area is taken from the United Nations Statistics Division unless otherwise noted. [3] Land and water are taken from the Food and Agriculture Organization unless otherwise noted. [4] The CIA World Factbook is most often used when different UN departments disagree. [1]
The demographic trend spells trouble for Russia's economy, which is already dealing with a severe worker shortage. At the end of 2023, Russia was short a record 5 million workers, according to an ...