Russia External Debt as a % of GDP Highlights in 2020
Russia’s external debt as a % of GDP hit 33.6% in 2020, an increase of 16.3% over the previous year. Between 2010 to 2020, Russia’s external debt as a % of GDP increased by 5.0%.
Russia defaulted on $40 billions of ruble-denominated international debt while maintaining payments on international bonds. However, since 2006, external debt (especially government debt) has been kept at manageable levels.
General government gross debt in Russia stood at 19.35% of GDP in 2020, compared to 13.80% of GDP in 2019. According to the IMF, the debt is expected to marginally decline to 18.14% of GDP in 2021. Despite the increase in debt burden, Russia’s level of government debt is still one of the lowest in the world – the result of booming energy prices in the 2000s and Moscow’s conservative economic management since Western sanctions were imposed following the annexation of Crimea in 2014.
Outlook on Global Economy
Real GDP is measured using inflation-adjusted base year prices. Real GDP changes are a measure of economic growth and show whether there has been an increase or decrease in the volume of economic activity.
According to real GDP, the world's top five economies are the United States, China, Japan, Germany, and India. After the US, China had the largest real GDP in 2021 with a value of $12.7 trillion in 2021. With a $6 trillion real GDP during the same period, Japan came in third place globally. Germany and India are the other two largest leading economies, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality rate from the coronavirus.
Rising Inflation and Interest Rates:
As a result of rising inflation rates in both developing and advanced economies, central banks have been forced to tighten monetary policy and raise interest rates to keep prices from rising. However, a steady increase in interest rates could cause financial distress in some economies.
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