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Putin claims Russia outpaces Germany and is now one of world's five largest economies

Tuesday, 22 August 2023, 18:45

Russia has "entered the top five largest economies in the world" and "outpaced Germany in purchasing power parity", despite pessimistic forecasts.

Source: Russian President Putin, during a meeting of the Council for Strategic Development and National Projects on 22 August

Quote: "By the end of 2022, Russia has <... > entered the top five largest economies in the world and, according to the World Bank, the Russian Federation came out ahead, outpacing the Federal Republic of Germany in terms of purchasing power parity, in terms of economy," Putin said.

At the same time, the President of the Russian Federation stressed that several months last year were extremely difficult for entrepreneurs and companies, but since the third quarter of 2022, economic growth has been taking place.

"Starting from the third quarter, economic growth has been noticeable in Russia, and now its pace is quite stable," he stressed.

Putin pointed to the need to continue the implementation of long-term plans until 2030.

Background: Last week, the media reported on rolling blackouts in Russia. In Dagestan, for example, local authorities stressed that modernization of power networks was necessary, since problems had not been solved for 30 years. However, as of today, there are no funds to implement this. 

Last week, the wholesale price of petrol in Russia has not only broken records numerous times, but also reached a historic high.

And this week, a number of Russian regions announced the absence of gasoline and diesel fuel at gas stations.

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