Russia’s GDP by PPP ranked 4th largest globally due to agriculture, chemicals — expert

MOSCOW, May 2. /TASS/. Russia’s GDP is ranked as the world’s second-largest based on Purchasing Power Parity (PPP), trailing only China, the United States, and India, mostly thanks to agricultural growth, chemicals, and manufacturing industries during a successful period of post-sanctions transformation, Executive Director of the Stolypin Institute for the Economy of Growth Anton Sviridenko told TASS. Earlier, Russian Presidential Administration Deputy Chief of Staff Maxim Oreshkin said, addressing the Open Dialogue international forum, that the G7 countries are losing ground, while the BRICS economies have been "aggressively dominating" the global economic landscape. "According to data on GDP by Purchasing Power Parity, the ranking is as follows: China, the United States, India, Russia, and Japan," the expert said. According to him, "China leads the world in physical production in many areas, including steelmaking, energy, electronics, car making, and machine building." "Cheap products for global consumption are also made there. India is the largest market for domestic consumption. In Russia, the traditional energy sector have been joined by agriculture as a pillar of the economy and the chemicals industry, while broader manufacturing saw active growth in 2023-2024," he explained. At the same time, Sviridenko continued, as regards GDP per capita, all BRICS countries need to grow further. This, the expert argued, would inevitably require "a new foundation for international cooperation that would ensure independent cross-border capital movement, common funds, and well-established logistics unaffected by sanctions.".