Joe Brunoli
Oct 3, 2024

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Russia is not a poor nation. Their GDP per capita gives a warped view of their economy. You need to look at PPP - Purchasing Power Parity. In terms of PPP GDP, Russians are ahead of Japan and much if not most of the EU.

https://www.worldeconomics.com/GDP-Per-Capita/Russia.aspx

According to The World Bank:

"In 2023, Russia’s Gross National Income per capita reached 14250 USD, and, consequently, Russia was classified as a high-income country for the first time since 2015. "

PPP is the only realistic way to measure GDP. I lived in Germany in the early 1980's when the exchange rate was 4 DM per dollar. I also lived there when the exchange rate was 1.5 DM/dollar. The Germans didn't suddenly get richer, and Americans didn't suddenly become poorer.

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Joe Brunoli
Joe Brunoli

Written by Joe Brunoli

Joe is a Yank with dual US-EU citizenship and comments on trends, politics and more. Buy Joe a coffee here: https://ko-fi.com/euroyankee

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