A post on X claims that the International Monetary Fund (IMF) has declared Russia the “fourth largest economy in the world.”

🚨Latest news: The International Monetary Fund (IMF) has declared Russia the fourth largest economy in the world. pic.twitter.com/yeIeJnSKcg

— U.S. Civil Defense News (@CaptCoronado) October 23, 2024

Verdict: Misleading

Russia became the fourth largest economy in terms of purchasing power parity (PPP). In terms of nominal gross domestic product (GDP), which measures overall economic output, Russia ranks 11th.

Fact check:

North Korean troops are gathering in Russia’s Kursk region and appear ready to join the country’s war against Ukraine, according to reports. new york times. It is not clear what direct role the North Korean military will play in the attack on Ukraine, the paper said.

A post on X claims that the IMF recently ranked Russia as the world’s fourth-largest economy despite its economic downturn. (Related: Kamala Harris claims there was war in Europe ‘for the first time in 70 years’)

This claim lacks context. If adjusted for PPP4th place is Russia. According to the metrics, investmentpediaIt is a “macroeconomic analysis index” that compares economic productivity and living standards with other countries using currency exchange rates. The Russian economy appears to be one of the fastest growing economies at the moment.

IMF reports and other According to economic forecasts, Russia ranks 11th in terms of nominal GDP. According to this indicator, investmentpediais a measure of all goods and services produced in a country during a specific period of time. This indicator does not exclude inflation or the pace of price changes.

As of 2024, Russia is projected to have the following economic growth: 3.6%primarily due to increased government spending on the war effort. Additionally, preliminary estimates from trade economics Russia’s GDP growth rate is around 4-5% per quarter, making it one of the highest in the world. fastest growing developed countries of the world.

However, this growth does not mean that the world’s fourth largest economy in terms of nominal GDP. As of October 2024, IMF data mapper Nominal GDP ranks Russia as the 11th largest economy.

Reuters recently reported that despite efforts to avoid war costs and sanctions, inflation and labor shortages are creating obstacles to the country’s sustained growth. The Russian central bank also significantly raised interest rates to combat inflation, the newspaper reported.