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Speaking today before a group of entrepreneurs active in Russia’s Far East in Khabarovsk, President Vladimir Putin said Russia has become Europe’s first economy and the world’s fifth in terms of purchasing power parity.

“Apparently, with all the external pressure on Russia, the attempts to constrict us, we have become the biggest economy in Europe, overtaking Germany, and fifth in the world after China, the United States, India, and Japan. We are number one in Europe. …

“We have overtaken every European economy in terms of purchasing power parity, but not yet in per capita terms. We will have to work more on this.

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