The World Bank's annual national income rankings, released on Monday, showed that Russia has advanced from "upper middle" to "high" category on the strength of its economic growth.
"Economic activity in Russia was influenced by a large increase in military related activity in 2023, while growth was also boosted by a rebound in trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%)," said a post on the World Bank blog.
World Bank upgrades Ukraine to upper-middle-income country category
Ukraine's upgraded rating resulted from the recovery of economic growth in 2023 (real GDP increased by 5.3% after a 28.8% decline in 2022), along with a population decrease of more than 15% since the start of the Russian invasion. ..........
for those who do not understand the maths .. but the ukraine economy is still down 25% (100-28.8X1.053)..
also
“While Ukraine’s economy was significantly impaired by Russia’s invasion, real growth in 2023 was driven by construction activity (24.6%), reflecting a sizable increase in investment spending (52.9%) supporting Ukraine’s reconstruction effort in the wake of ongoing destruction.”
