One of the Largest Economies: Russia is the 6th largest economy in the world with GDP (PPP) of US$4.2 trillion in 2018. It is the largest among the BRICS countries. The Russian economy is expected to grow to US$5.2 trillion by 2024, according to a recent IMF forecast, while the government aims at bringing GDP to US$5.5 trillion to become the 5th largest economy globally. The National Projects of the government are able to lift GDP growth to 3% or above already in 2021.
Large Domestic Market: Russia has one of the largest domestic markets in the world by population of 144 million, ranking 9th out of 194 countries by IMF. Russia’s middle class will likely continue recovering in coming years.
Resource Rich: Russia is the world’s top commodities producer. In addition to well-known major commodities such as oil, gas, coal and metals, Russia has the world’s largest reserves of timber, fresh water, agricultural land, fertilizers and many other resources. What is also important is Russia’s well-educated and competitive labor force compared to many other developed and emerging peers.
Government Support for Investment: The Russian government is committed to increasing competitiveness and making Russia a more attractive investment destination. With a flat personal income tax rate of 13% for residents, corporate tax rate of 20%, and VAT rate of 20%, Russia has one of the most generous non-offshore tax regimes in the world. Russia has been ranked 31th in the World Bank’s Doing Business survey outperforming some other major economies.