"We are the largest economy in Europe, despite pressure from every side": Russian President Putin
"We are the largest economy in Europe, despite pressure from every side": Russian President Putin
Russian President Vladimir Putin has claimed that Russia's economy has surpassed all European countries and is now the largest economy on the continent in terms of purchasing power parity. According to Russian media outlet TASS, Putin made this statement during a meeting with entrepreneurs in Russia...
PPP is a far more relevant metric for less globalized economies which are less reliant on foreign imports.
Whereas Russian imports are 15.6% of GDP and Chinese imports are 17.5% of GDP, imports in Western countries (UK, Canada, France, Germany, Spain) make up about 40-50% of GDP on average.
Even if they are the largest economy in Europe, who cares? Almost all of Europe is united against them and that's a much larger economy against them than with them.
Purchase Power Parity only works domestically. Once you venture out in the world, things cost what they cost, no matter how little your populace makes.
It makes zero sense, but of course tankies will be happy to parade it around. The are well after the 50th in GDP per capita PPP, and probably much lower if would look at actual consumption. In total GDP, outside of top 10
Total GDP on PPP basis has to be one of the most idiotic bullshit comparisons I have ever heard. Makes zero sense. Per capita GDP PPP comparison could at least pretend to be meaningful, but of course they would be far behind in that
So you would measure the absolute size of the economy by a relative measure? Interesting. When we apply that to China's carbon footprint, liberals scream about manipulation. China has far greater carbon output than the USA, but the USA emits more per capita. Who's the bigger polluter?
I mean, like every tool, it serves a purpose. It’s just that in this case, they are using a really large hoe and pretending it’s the biggest and best shovel.
Petrostates and nations that are heavily reliant on one primary industry tend to have high PPP, look at Gabon, Brunei and Kuwait as oil examples or Bahamas, Antigua and Barbuda and Syria for other examples.