Comparison of economic indicators of the Russian Federation with the largest economies in the world
Photo: Getty Images/Jean Catuffe
In the list of the largest economies in the world, according to various financial institutions, currently includes the United States, China, Germany (which is considered the strongest economic performance in Europe), France and the UK. “Izvestia” learned key indicators of the economy — GDP, international reserves, external public debt and consumer prices — these and other countries, to compare them with indicators of the Russian Federation.
A key indicator of the economy
The gross domestic product (GDP) is one of the most important economic indicators for any country. It is for him in the first place, experts identify the largest economy. However, due to the fact that each national economy has its own unique characteristics, to compare the value of GDP in its pure form is almost impossible. Most often in the preparation of the international ratings used GDP calculated by purchasing power parity (PPP) — in this case is the price level in the country and the purchasing power of the national currency.
In the ranking of countries in terms of GDP, calculated by PPP, Russia is inferior to several of the largest economies in the world, but only slightly. Moreover, and according to the International monetary Fund and the world Bank, Russia in 2016, took sixth place in the ranking. While the IMF praised the country’s GDP at the end of 2015 of $3.7 billion, and the world Bank at $3.6 billion. However, in both lists the most successful in 2013 for Russia as of 2014 — then the country’s GDP has reached the maximum results.
Topping the list of largest economies according to the last year China ($19.7 billion), USA ($18.3 billion) and India ($7.9 billion). The top five also included Japan ($4.8 billion) and Germany ($3.8 billion). Britain and France concede to Russia, taking ninth and tenth positions respectively.
However, GDP is not always directly affects the standard of living in the country. So, for spring 2016 publication Global Finance Magazine has compiled a list of 25 world’s richest countries, based on data from the IMF and the world Bank. USA it took ninth place, and Germany 18, France the last 25. China, already considered one of the strongest economies in the world, the list was not included.
Foreign debt: when the last line of the rating — for the better
GDP is also used for comparison of external public debt in different countries. For the most objective comparison most often used is not the actual amount of public debt, and the percentage that debt is of the total GDP of the country.
Russia is among the countries with the lowest external debt. So, in 2015, according to the IMF, our country was on the 171-th line of the rating, which included 186 countries. The total public debt of the Russian Federation was estimated at 17%. Japan, one of the “big seven”, was the leader in this ranking with an index of 248% (the three leaders also included Greece — 178,4% and Lebanon — 139,1%), the U.S. occupied the 12th place with a rating of 105.8%, Germany — 44th with an index of 71%.
In 2016, also according to the IMF, the largest debt remained in Japan, held the first place ranking, and the US national debt increased — the country rose from 12th to 9th place, Germany took 51 th place, improving its position by seven points. Debt of the Russian Federation has also increased to 18%, however, the country still remained in the top twenty of countries with the lowest external debt, and even improved their positions, down from 171, 173-th line.
At the same time, the volume of international reserves of Russia is among the countries-leaders. According to the IMF, at the end of 2016, Russia’s international reserves was estimated at $385 billion, and the country ranked sixth in the ranking.
In the top five included China, Japan, Switzerland, Saudi Arabia and Taiwan. However, such economically developed countries as Germany, France, UK and USA were on the 11th, 14th, 16th and 18th places respectively.
The undervalued big Mac
Photo: lime/Zurab javakhadze
However, ordinary citizens of any country are primarily interested in is not a complicated indicators and major international rankings, and the level of wages and consumer prices, with whom they must deal on a daily basis.
Russia is now the minimum wage is 7.5 thousand rubles, and in some regions, it can range in the Sakha Republic the size of the minimum wage reaches 15.4 thousand rubles, and in Kabardino-Balkaria — 10 thousand From 1 July 2017 it will be increased to 7.8 thousand rubles.
The approach for determining the minimum level of remuneration varies in different countries. In addition, in some States (such as Switzerland or Italy) the concept of minimum wage does not officially exist at all. For comparison, the U.S. minimum wage approved by the government, is $7.25 per hour, but States can set the rate. In most cases, it exceeds the specified, however, in Georgia and Wyoming it is lower for people with disabilities.
The organization for economic cooperation and development (OECD) on an annual basis is the ratingin which compares the average real minimum wage in different countries. According to this rating, in 2016 Russia closes the list of 32 countries, and the average minimum wage, which is received in the country in 2016, the OECD was estimated at $1.3 thousand In 2015, the figure was $1.4 thousand, in 2013 and 2014 — almost $1.5 thousand Leaders in the ranking were Australia, Belgium and Canada. The top ten also includes France and Germany. The USA took the 27-th line.
According to the report submitted by the International labour organization in 2009, Russia took the 37th place in the ranking out of 72 countries, while China was at 57th place, USA, France and Germany — on the 4th, 11th and 13th respectively.
One of the most popular ways to compare consumer prices in different countries is the so-called big Mac index. In 2016, Russia entered the top five countries with the lowest prices on the sandwich followed by Venezuela, Ukraine and India. The most expensive big Mac, according to 2016, was sold in Switzerland. On the basis of this popular ranking experts from The Economist in winter 2016, it considered the ruble (and the currency of several other countries) is undervalued by nearly 70%.