Russian economy will be among the world's four largest by purchasing power, claims Putin

Moscow: President Vladimir Putin on Thursday said Russia's economy would soon be among the world's four largest in terms of purchasing power parity.

Boasting vast natural resources, Russia's gross domestic product (GDP) rebounded sharply last year from a slump in 2022, but the growth relies heavily on state-funded arms and ammunition production for the war in Ukraine, masking problems that are hampering an improvement in Russians' living standards.