The IMF predicted that Russia would lose its place in the top 6 economies of the world due to sanctions. The IMF predicts that by 2024 Indonesia will displace Russia from the six largest economies in the world in purchasing power parity. Experts expect that due to sanctions, Russia's imports will shrink more than exports, RBC reports.

Indonesia in 2024 will overtake Russia in terms of its share in the global economy, follows from the forecasts of the International Monetary Fund (IMF) updated on April 19, studied by RBC.

According to the forecast of the fund, by the end of 2022, the share of Russian GDP in global GDP will drop to 2.72% compared to 3.07% the results of 2021, and in 2024 - up to 2.52%. Indonesia's share of global GDP will rise to 2.61% in the same year.

At the end of 2021, Russia still occupied the position of the sixth largest economy in the world, second only to China, the USA, India, Japan and Germany. However, the current IMF projections, which take into account a decline in Russia's real GDP by 10.6% in total over 2022-2023, imply that Indonesia will displace Russia to seventh place.

The IMF's April forecast horizon ends in 2027, when Russia's share in the global economy could drop to 2.34%. The previous IMF forecast, published in October, was limited to 2026 and assumed that by that time the share of Russian GDP in the world would be 2.84%.

Under the previous forecast, Russia retained the sixth largest economy in the world. According to the IMF, Russia's share in the global economy reached its peak in 2008 at 3.68%. In 2019, before the COVID-19 pandemic, the IMF had already predicted that Indonesia would overtake Russia in terms of GDP at purchasing power parity. However, the more confident than expected passage of the pandemic by the Russian economy (in 2020, its GDP decreased by only 2.7%, and in 2021 it grew by 4.7%) leveled that forecast. Now it is becoming relevant again in connection with the sanctions crisis.