The latest World Economic Report has revealed that despite Western attempts to hobble Russia’s economy, Russia was one of the five largest economies in the world, and the largest in terms of purchasing power parity (PPP) in Europe, as of the close of 2022.

Estimates made using official country data published by the World Bank and the IMF showed Russia’s gross domestic product (GDP) was $5.51 trillion in PPP terms at the end of 2022, which the report pointed out was a 38% increase over the official estimate of $3.993 trillion

The report also revealed the Russian economy beat out Germany’s when it was measured in purchasing power parity, with Germany’s economy coming in at $5 trillion.

The largest economy on the list was China, which registered at $31 trillion. It was followed by the United States, India, and Japan. Indonesia, Brazil, and Türkiye also all made the top ten.

The IMF and World Bank have both revised their forecasts for the Russian economy upward, noting that Russia’s GDP would continue to increase in spite of Western sanctions, as strong trade, robust industrial productions, and higher-than-expected energy revenues would overpower the effects of Russia’s exclusion from the Western financial systems and trade relationships.

The World Bank forecasts Russia’s economic growth will turn positive in 2024, although it will continue to be a modest 1.2%.

Russian leaders agree with that optimism over their nation’s growth prospects. Russian Prime Minister Mikhail Mishustin has said that the Russian economy will overtake the economies of developed nations in terms of growth by 2024.