Russias Economy Has Shrunk So Much Its Now Only As Small As - TopicsExpress

Russias Economy Has Shrunk So Much Its Now Only As Small As Spain REUTERS/Darrin Zammit Lupi 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 Russias economy. Now Russian GDP has shrunk so much it is no longer the worlds eighth largest economic power, according to The Telegraph. Instead, Putins Russia is now carries roughly the same economic weight as ... Spain: 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 Europes more feeble economies, with 1 in 4 Spaniards unemployed. Spains GDP was about $1.4 trillion in 2013, according to the World Bank. Spain was the 13th biggest economy on the planet until Putin ordered tanks into the Crimea. Now it is likely that Italy, India, Canada, and Australia are all more economically significant than Russia. Here was the World Banks GDP ranking for 2013, before Russia went into its current crisis. The numbers are in billions of US dollars: (European Union 17,350,853) 1 United States 16,800,000 2 China 9,240,270 3 Japan 4,901,530 4 Germany 3,634,823 5 France 2,734,949 6 UK 2,521,381 7 Brazil 2,245,673 8 Russia 2,096,777 9 Italy 2,071,307 10 India 1,876,797 11 Canada 1,826,769 12 Australia 1,560,597 13 Spain 1,358,263 14 S Korea 1,304,554 15 Mexico 1,260,915 Its not clear what Russias 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. Of course, this may all be temporary. The price of oil has sunk to just above $68 a barrel (for WTI), 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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