posted at 02:50
Author Name: Jim Edwards
Russia Economy GDP v Spain
The decline in the price of oil, Western economic sanctions against the nation following its invasion of Ukraine, and the collapse of the Russian rouble that resulted, has decimated Russia's economy. Now Russian GDP has shrunk so much it is no longer the world's eighth largest economic power, according to The Telegraph. Russia has lost its ranking as the world's eighth biggest economy, shrinking in just nine months from a $2.1 trillion petro-giant to a mid-size player comparable with Korea or Spain. For the past several years, Spain has been regarded as one of Europe's more feeble economies, with 1 in 4 Spaniards unemployed. It's not clear what Russia's GDP equivalent is right now because the decline of the rouble has been so swift and volatile that the calculation needs to be done anew every day. On Monday the rouble experienced its largest one-day flop since the 1998 Russian crisis. The price of oil has sunk to just above $68 a barrell, dragging the oil-dependent Russian economy with it. If the price perks up, Russia can expect to make its way back up the GDP charts.

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