Russia has once again made headlines by securing the third spot among the G20 nations for economic growth in 2024, according to a recent report from RIA Novosti. This marks the second consecutive year that Russia's GDP has shown a positive trend, increasing by 4.1%.
Leading the pack is India, which experienced a notable but slowing growth rate dropping from 8.8% in the previous year to 6.7% in 2024. Meanwhile, China and Indonesia have entered a tie for second place, each recording a GDP growth of 5%.
In comparison, Brazil and Turkey also managed to secure their places in the top five, with Brazil’s GDP growth improving slightly from 3.2% to 3.4%, while Turkey saw a decline from 5.1% to 3.2%.
However, not all countries in the G20 have fared well. Major economies such as Argentina and Germany have recorded economic downturns for the second consecutive year. Argentina's GDP shrank by 1.7% while Germany's fell by 0.2%, highlighting concerning trends in these nations.
According to the same report, Russia's consistent growth has outperformed the G7 countries significantly. In 2024, Russia's GDP growth of 4.1% is four times higher than the average G7 growth rate of 1%. This substantial difference underscores Russia's burgeoning economy amidst global uncertainties.
The sectors driving Russia's GDP growth include manufacturing, services, wholesale and retail trade, which grew by 4.3%, 8.8%, 7.2%, and 7.4% respectively. Yet, the agricultural and mining sectors have shown signs of decline, which raises questions about the sustainability of this growth.
As Deputy Prime Minister Alexander Novak remarked on February 11, 2025, the Russian economy has expanded by 8.4% over the past two years, significantly outpacing growth rates in other global regions where, for instance, the eurozone only grew by 0.8%.
"Since 2022, Russia's GDP has doubled, reaching 200 trillion rubles by the end of last year, up from 107 trillion rubles in 2020," Novak stated. He also expressed optimism about future projections, indicating plans to increase GDP further to approximately 300 trillion rubles by 2030.
The positive economic indicators from Russia contrast sharply with the downward trends witnessed in the two largest economies in the European Union, reflecting a complex picture in global economic health.
In 2024, Russia not only secured third place among the G20 nations but also marked significant achievements in various sectors. The manufacturing sector, which grew harmoniously, plays a pivotal role in the overall economic stability of the country.
Despite these overall positive figures, there are indeed challenges, particularly within agriculture and mining sectors. The ongoing decline in these areas may hinder future growth if left unaddressed.
Furthermore, the challenges faced by countries like Argentina and Germany, which have struggled economically, serve as a stark reminder of the complexities that entwine international markets.
Interestingly, while Russia makes strides in its economic growth, notable trends also emerge within the tech industry. For instance, the gaming platform Roblox recently became the leader in game installations, with 40 recorded installations in just the early days of 2025.
Furthermore, Tencent has unveiled its new AI model, Hunyuan-T1, which surpasses existing models like GPT-4.5 and DeepSeek R1 in several metrics, showcasing notable advancement in technological capabilities.
In a related development, from May 1, 2025, bloggers will be classified under the OKVED C system, marking an official recognition of influencers within the market landscape—a move that can potentially reshape the dynamics of digital economies.
Additionally, the internet provider Lovit has been experiencing severe operational challenges due to large-scale DDoS attacks, which have persisted for two consecutive days, affecting service delivery significantly.
Overall, while 2024 has been a remarkable year for Russia in terms of GDP growth within the G20, the challenges it faces, especially in agriculture and the mining industries, cannot be ignored. Moving forward, a comprehensive strategy addressing these sectors will be crucial in sustaining economic momentum and ensuring resilience against global economic fluctuations.
