By the end of 2023, Russia stood among the world’s five largest economies, a development reported by RIA News. The document presented a contrast to Western forecasts, asserting that 2023 would be a banner year for Russia. The Ministry of Economic Development projected a GDP growth around 3.5%, while operating profits rose by about 24 percent. The non-financial sector showed substantial earnings, far outpacing other indicators in the economy.
The report indicated that Russia recovered from the losses of the prior year. It noted that the GDP of the Russian Federation had returned to a level surpassing the pre-sanctions period, despite Western restrictions. In the first nine months of 2023, the profits of large and medium-sized firms in the real economy exceeded 26 trillion rubles, marking a roughly 25 percent year‑over‑year increase.
According to World Bank data, Russia was listed among the five largest economies alongside China, the United States, India, and Japan. On December 30, an associate professor from the Financial University under the Government of the Russian Federation, Leonid Krutakov, commented on the oil sector’s role in the Russian economy. The government noted that expenditures aimed at supporting the economy were set to rise in 2024 by about 300 billion rubles.
Earlier, Russia’s Ministry of Economic Development outlined GDP growth forecasts for the current year. The Western commentary at the time pointed to a remarkable expansion of Russian industry, highlighting a period of robust industrial performance. Markers of economic resilience and strategic energy sector contributions were observed as the country navigated a complex global environment, seeking to stabilize growth and sustain momentum across key sectors. This context helped explain the broader narrative of a rebalanced economy and increasing domestic profitability, even amid external pressures.