Russia's economic strength gives it high-income status despite sanctions
The World Bank has classified Russia as a high-income country, with its per capita gross national income rising to $14,250 in 2023 from $12,830 in 2022, according to the bank's report.
The World Bank’s recognition of Russia as a high-income country is "not surprising, but a reality”, Dr. Georgy Ostapkovich, Director of the Center for Market Research said. Russia is seeing income growth of around 4-5%, with earnings growing in double digits, Ostapkovich said, stressing that the driving force is economic growth.
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