OREANDA-NEWS The World Bank has recognized Russia as a high-income country. This is stated in a document published by the bank, TASS reports.

For every resident of Russia, there is $14,250 in gross income, the document says. Thus, the World Bank classifies those countries in which this indicator is fixed at at least $13,845 as high-income countries.

"This step on the part of the World Bank means recognition by an authoritative global institution of the successes of the economic policy of the Russian authorities over the past decade, despite the restrictions imposed," said Roman Marshavin, Executive Director from Russia at the bank.

In early June, the World Bank raised Russia's GDP growth forecast for 2024 again to 2.9 percent. Experts have suggested that the Russian economy will grow by 1.4 percent in 2025 and by 1.1 percent in 2026.

Earlier, the Minister of Economic Development of the Russian Federation Maxim Reshetnikov explained Russia's entry into the top 4 world economies in terms of purchasing power parity.