In the global rating of all countries whose economies are analyzed by the International Monetary Fund (IMF), Russia, with a GDP of $10.3 thousand per capita, scores near the bottom in purchasing power parity.
It is eight to 10 times less that the leading world countries and 2 to 5 times less than European countries overall.
The estimates are based on the assessment of the GDP in U.S. dollar converted from the local currencies by the current exchange rate.
Increasing the current indexes by 1.5 times means that by 2025, Russia will have to reach today’s level [of economic development] of Chile or Latvia.
There is another way of measuring the GDP, by the parity purchasing power (PPC) of the national currencies (in other words, by price comparison of the same goods in different countries). In this case Russia in 2017 rated 51st by the IMF.
Increasing the PPC by 1.5 times in the next 7 years, if achieved, would make Russia equivalent to Japan, France, the United Kingdom or South Korea today.
However, if the total GDP is estimated by the PPC, then the group of leaders, according to the same measures by the IMF, looks different.
As early as 2014, China advanced, according to this measure, with the U.S. topping the chart and Russia ranked 6th.
But, whichever of the two “five largest economies” was meant by the report, the conversation is about the need to significantly speed up the pace of economic growth in Russia.
“We need an economy with rates of growth higher than the global rates,” said Putin. Today those rates are 2.5 times lower than the global rates.