The World Bank has upgraded Russia to a “high-income” country with per-capita gross national income (GNI) totaling $14,250 in 2023. Economic activity in Russia was significantly influenced by a large increase in military-related activity in 2023, as stated by the international financial institution on Monday.
Russia’s ascension to the high-income category was also attributed to growth in trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%), according to the U.S.-based institution. This growth resulted in increases in both real (3.6%) and nominal (10.9%) GDP, with Russia’s Atlas GNI per capita experiencing an 11.2% growth.
In nominal terms, Russia ranks 72nd in per-capita GNI and 53rd in purchasing power parity. Despite facing a full-scale Russian invasion since 2022, Ukraine saw an improvement in its economic status, moving up from a “lower-middle-income” to an “upper-middle-income” status after economic growth resumed in 2023, according to the World Bank.
