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Russia, the World Bank: 'Salaries are rising'

Russia, the World Bank: 'Salaries are rising'
GDP in Russia increased by 3.6 per cent in 2023, and is expected to grow by 3.2 per cent this year, according to the International Monetary Fund

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The World Bank has reported that the Russian economy has performed surprisingly well, despite facing international sanctions and war. In 2023, Russia's gross national income (GNI) per capita reached $14,250, moving the country from the 'upper middle' to the 'high' income category. This places Russia 72nd in the global ranking of GNI per capita. The country's gross domestic product (GDP) grew by 3.6% in 2023, and is expected to continue growing by 3.2% in 2024. The growth has been attributed to investments in the military-industrial sector, public subsidies, trade growth, and expansion in the financial and construction sectors. The resilience of the Russian economy has been supported by China and changes in global trade flows. Despite Western sanctions, Russia has been able to maintain access to essential goods and resources through trade with countries like Armenia, Kazakhstan, and Kyrgyzstan. This economic resilience raises questions about the future of EU-Russia relations and the long-term consequences for all parties involved.