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Claim:
In January 2024, President Vladimir Putin stated that Russia is Europe’s largest economy.
evaluation:
context:
Putin said Russia’s economy is Europe’s largest, surpassing Germany’s, but he was referring to purchasing power parity, not nominal GDP.
On February 15, 2024, X (formerly Twitter) user @jacksonhinklle wrote, “Russia is now Europe’s largest economy.”This tweet received over 2.8 million reactions. As of this writing, it has views and 54,000 likes.
(@JacksonHinkle)
The post was based on a statement by Russian President Vladimir Putin, which some news outlets reported: Headlines in mid-January 2024 read, “‘Despite pressure from all sides, we are Europe’s largest economy’: Russian President Vladimir Putin,” and “Despite US and EU-led sanctions, Russia remains Europe’s largest economy.” President Putin says it has become the largest economy.”
Although President Putin did make such claims, the posts and headlines about X do not include important context surrounding President Putin. actual estimate.
According to Russian state news agency TASS, President Putin met with a group of entrepreneurs. January 11th in the remote southeastern city of Khabarovsk. Russia near the Chinese border, and said (emphasis our opinion):
Although we seem to be strangled and pressured from all sides, we are still Europe’s largest economy.Displaces Germany and rises to 5th place in the world [in terms of GDP at purchasing power parity]:China, USA, India, Japan, Russia. We are number one in Europe. … Although we lag behind the rest of Europe in terms of purchasing power parity, we need to do more on per capita metrics. There is still work to be done.
Purchasing power parity (GDP PPP) is basically a way to compare the prices of goods in different locations. This is different from nominal gross domestic product, which is the value of all the goods and services produced by a nation. Used to account for exchange rate differences over a specific period.
Germany ranks first in terms of nominal GDP According to I, Europe will reach $4,429,838 billion in 2023.international MWantary Fand.Russia ranks in Fifth place is $1,862.47 trillion.
However, according to World Bank data, as of 2022, Germany’s GDP PPP was $5.32 trillion, and Russia’s was $5.33 trillion. Therefore, President Putin was right when he said that Russia surpassed Germany in GDPPPP.
On February 8, the Russian leader held a sit-down interview with political commentator Tucker Carlson in which he reiterated the following assertion:
Despite all the sanctions and restrictions, Russia became Europe’s first economy last year. From your point of view, is this normal? Sanctions, restrictions, inability to pay in dollars, blocking SWIFT services, sanctions on our ships carrying oil, sanctions on aircraft, sanctions everywhere, everywhere. Russia has the most sanctions in place in the world. During this time, we became Europe’s first economic nation.
Again, this statement refers to GDP PPP, not nominal GDP.
Since President Putin has stated publicly multiple times that Russia is Europe’s largest economy, we rate this claim as “true.”
source:
“GDP of European Countries 2022”. Statista, https://www.statista.com/statistics/685925/gdp-of-european-countries/. Accessed February 21, 2024.
‘https://Twitter.Com/Jacksonhinklle/Status/1758325070785642694′. X (old Twitter), https://twitter.com/jacksonhinklle/status/1758325070785642694. Accessed February 21, 2024.
“Putin says Russia will become Europe’s first economy despite “pressure from all sides”” Tas, https://tass.com/economy/1730891. Accessed February 21, 2024.
“President Vladimir Putin arrives in Khabarovsk.” president of russiaJanuary 10, 2024, http://en.kremlin.ru/events/president/news/73249.
“Despite pressure from all sides, we remain Europe’s largest economy”: Russian President Vladimir Putin. economic timesJanuary 12, 2024. Economic Times – Times of Indiahttps://economictimes.indiatimes.com/news/international/world-news/we-are-the-largest-economy-in-europe-despite-pressure-from-every-side-russian-president-putin/articleshow / 106759531.cms?from=mdr.
“What is purchasing power parity (PPP) and how is it calculated?” investmentpedia, https://www.investopedia.com/updates/purchasing-power-parity-ppp/. Accessed February 21, 2024.
“World Bank Open Data”. world bank open data, https://data.worldbank.org. Accessed February 21, 2024.
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