The country is the world's fourth-largest economy based on purchasing power parity, the president has noted

Russian President Vladimir Putin has hailed the country's economic performance, attributing its rise to fourth place globally by purchasing power parity (PPP) to the efforts of businesses and workers.

Speaking on Monday at a meeting with business leaders on National Entrepreneurs Day, Putin said the country had achieved impressive results over the past two years, despite operating in what he described as "far from favorable and rather difficult conditions." 

"In 2023, GDP grew by 4.1%, and in 2024, by 4.3% - that's a solid result," he said. "That Russia's economy is now fourth in the world by PPP is, of course, your direct achievement - the result of the work of companies from all regions of the Russian Federation." 

PPP compares economic productivity and living standards between countries by adjusting for differences in the cost of goods and services.

Putin emphasized that the growth had not been limited to any one sector but spanned a wide range of industries, including manufacturing, agriculture, digital technologies, services, and finance.

"Such a result is not the work of a few large organizations, but the contribution of thousands, hundreds of thousands, even millions of people working toward a common goal," the president said.

READ MORE: Russia is not afraid of Western sanctions - Kremlin

The International Monetary Fund has also upgraded its 2025 forecast for Russia's economy. In its latest World Economic Outlook, the IMF projected Russian GDP to grow by 1.5% this year, citing resilience to global and geopolitical challenges.

The IMF ranks Russia behind only China, the US, and India in terms of PPP.