Russia has taken Germany’s place as the world’s fifth largest economy, according to data published by the World Bank.
The country’s $3.4trn GDP sees the country push Germany, which had a GDP of $3.3trn, out of the top five and into sixth place.
Presently the US reigns as the world’s largest economy at $15.7trn, while China at $12.5trn is second. India at $4.8trn and Japan, at $4.5trn, complete the top five.
While Russia’s new ranking was concluded in terms of its GDP, it would rank in eighth place using purchasing power parity figures, via nominal dollar figures.
Russia’s rise comes ahead of the country’s accession to the Organisation for Economic Cooperation and Development, currently slated to take place in 2015.
While Russian resilience in the face of testing economic conditions elsewhere in Europe may have surprised some, many experts have pointed to favourable oil prices aiding Russian growth.
Jupiter Emerging European Opportunities fund manager Elena Shaftan adds: ”In the environment of emerging markets outflows, it is some comfort at least that there is not much to flow out from [Russia], which made this market relatively resilient in the recent emerging market sell-off.
”When risk appetite does return, it is this abandoned and unloved market trading at absurdly low valuations of price to earnings ratios of 4.5x, lower than when we launched the fund in 2002, that, in my view, has the potential to deliver strong returns.”