World Bank rankings: This country also ended up as 6th largest economy

Moscow, July 16: A few days ago, the World Bank (WB) figures for 2017 said that India became the world's sixth largest economy, overtaking France by the virtue of gross domestic product (GDP) worth $2.597 trillion as against the European nation's $2.582 trillion.

However, another country was also ranked the world's sixth-largest economy in 2017 and it was as per the WB's ranking which adjusts GDP for price differences among nations, The Moscow Times reported.

Russia's economy came back to a growth rate of 1.5 per cent in 2017 after two years of fall which was caused by the West's sanctions and collapse of the global oil prices, the report said.

The WB's new figures showed that in terms of GDP based on purchasing power parity (PPP), the Russian economy is ranked just below China, the US, India, Japan and Germany, the Moscow Times report said.

The goods produced by a country can be measured by the GDP as well as the GDP based on PPP, which considers relative prices of goods between countries and in case of Russia, the GDP by PPP was $3.7 trillion in 2017, the report added.

China topped the table in terms of PPP in 2017 with $23.3 trillion while the US was second with $19.4 trillion.

In overall GDP, Russia was ranked 11th with $1.5 trillion, behind Canada, Italy and Brazil. The US and China topped the list with $19.4 trillion and $12.2 trillion, respectively.

Russian authorities projected an overall GDP growth of 1.8 per cent in 2018 and 1.4 per cent in 2019 and three per cent by 2022.