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Russia's war-driven economy is so hot that the World Bank upgraded it to a 'high-income country' (www.businessinsider.com)

submitted 4 months ago by [email protected] to c/[email protected]

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Russia's economy, boosted by military activity, is now classified as high-income by the World Bank.
Russia's GDP grew 3.6% in 2023, with trade and financial sectors rebounding.
The World Bank also upgraded Bulgaria and Palau, while the West Bank and Gaza were downgraded.

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[–] [email protected] 3 points 4 months ago

This is the best summary I could come up with:

The World Bank's upgrade confirms reports from Russia that suggest the growth is primarily driven by wartime activities that generate demand for military goods and services, making some sectors winners in Russia's wartime economy.

Russia's trade jumped by nearly 7% last year, while activities in the financial sector and construction grew by 6.6% and 3.6%, respectively.

Other than Russia, the World Bank also upgraded Bulgaria and Palau from upper-middle-income to high-income countries.

"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," the World Bank added.

West Bank and Gaza became an upper-middle-income country in 2023, but its economy was significantly impacted by its war with Israel.

"The conflict in the Middle East began in October 2023, and while the impact on West Bank and Gaza was limited to the fourth quarter, its scale was nonetheless sufficient to lead to a 9.2% drop in nominal GDP," the World Bank economists wrote.

The original article contains 374 words, the summary contains 178 words. Saved 52%. I'm a bot and I'm open source!