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Sunday, July 21, 2024

Saint Lucia Breaks Records in Tourism Arrivals, highlights Tourism Minister

The island of Saint Lucia continues to break records in tourism arrivals and rivalling all the best records till date. Saint Lucia has witnessed a significant rise of 42% in arrival of visitors in the month of June, 2024.

Russian Missile Attacks in Southern Ukraine Kill Two

Russian attacks have claimed the lives of two people in the southern Kherson region on Friday, following a significant acknowledgment by Kyiv regarding the destruction of its positions on the left bank of the Dnipro River

Moscow Court Orders Shutdown of Iconic Grushinsky Music Festival

The court’s ruling comes after the festival’s organizers announced the cancellation of this year’s event, citing “possible risks… in the current circumstances.” The announcement was made on VKontakte, a Russian social media platform, where the organizers expressed their regret over the decision

World Bank Elevates Russia to ‘High-Income’ Status Amid Economic Surge

WorldRussiaWorld Bank Elevates Russia to 'High-Income' Status Amid Economic Surge

The World Bank has officially upgraded Russia from an “upper-middle-income” to a “high-income” country, reflecting significant economic growth and resilience amid challenging circumstances. This reclassification is based on Russia’s per-capita gross national income (GNI), which reached $14,250 in 2023.

The international financial institution highlighted a considerable increase in military-related activity as a key driver of economic activity in Russia throughout the past year. This surge contributed to a notable rise in various economic sectors, including trade, finance, and construction.

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“Economic activity in Russia was influenced by a large increase in military-related activity in 2023,” the World Bank stated in its announcement on Monday. The institution also reported growth in trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%) as significant contributors to Russia’s economic performance.

“These factors led to increases in both real (3.6%) and nominal (10.9%) GDP, and Russia’s Atlas GNI per capita grew by 11.2%,” the report said.

The World Bank classifies world economies into four groups based on per-capita GNI measures in U.S. dollars. For the 2024-25 period, the threshold for “high-income” countries was set at $14,005 or more.

Russia’s elevation to this category aligns it with other economically advanced nations, marking a significant milestone in its economic development.

Joining Russia in the newly designated high-income bracket are Bulgaria and Palau, with per-capita GNI figures of $14,460 and $14,250, respectively.

This change underscores the dynamic nature of global economic landscapes and the varying trajectories of national economies.

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In nominal terms, Russia ranks 72nd globally in per-capita GNI and 53rd in purchasing power parity, highlighting its substantial economic capacity despite global challenges.

This advancement reflects the nation’s ability to sustain and grow its economy even amid international sanctions and geopolitical tensions.

Notably, Ukraine also experienced an upgrade in its economic status. After enduring a full-scale Russian invasion since 2022, Ukraine transitioned from a “lower-middle-income” to an “upper-middle-income” country.

The World Bank attributed this to a resumption in economic growth in 2023, showcasing the country’s resilience and efforts to rebuild amidst conflict.

The World Bank’s reclassification of Russia comes at a time when global economic conditions are volatile, and the geopolitical landscape remains tense.

The reported growth in Russia’s military-related activities has been a point of contention, particularly in the context of its ongoing conflict with Ukraine.

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Nevertheless, the economic data presented by the World Bank indicates a robust performance in key sectors, bolstering Russia’s overall economic standing.

The growth in trade, finance, and construction sectors has provided a diversified foundation for the country’s economic advancement.

As Russia enters the high-income bracket, its economic policies and strategies will be closely scrutinized by international observers.

The nation’s ability to maintain this status will depend on sustained growth across various sectors and its capacity to navigate the complexities of the global economy.

In conclusion, Russia’s elevation to high-income status by the World Bank is a testament to its significant economic strides in 2023.

The growth in military-related activities, trade, finance, and construction has propelled the country into a new economic echelon, reflecting its resilience and strategic economic management amidst global challenges.

 

This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members

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