There are a few reasons for Russia’s economic growth. First, the price of oil and gas, Russia’s main exports, has been rising in recent years. This has boosted Russia’s export earnings and government revenue. Second, Russia has been implementing economic reforms that have made it easier for businesses to operate. This has led to increased investment and economic growth. Third, Russia has been benefiting from the economic slowdown in Europe. This has led to increased demand for Russian exports.

Purchasing power parity (PPP) is a measure of the value of one currency in terms of another, based on the cost of a basket of goods and services in each country. PPP is often used to compare the standard of living in different countries.

However, some academics say even the PPP assessment underestimates the power of Russia’s economy. In the last decades Western economies have seen services rapidly grow in importance, but Russia’s economy remains heavily weighted towards the manufacturing and industrial end of the spectrum.

Russia’s economic growth is a significant development. It shows that the country is on the right track to becoming a more prosperous nation.