Business

Russia overtakes Germany to become 5th largest economy

Russia passed an important milestone on July 15, overtaking Germany to become the biggest economy in Europe in terms of purchasing power parity and the fifth biggest in the world.

This achievement comes on top of the World Bank’s decision a week earlier to upgrade Russia from a “middle-income” to a “high income” country after per-capita income passed the $12,700 mark.

Russia is now the only one of the five BRICS – Brazil, Russia, India, China, South Africa – that is a high-income country and no longer an emerging market.

Full Story: Russia overtakes Germany to become 5th largest economy