Not even close to 6% growth rate over a 25 year period. Russia would be as proportionately wealthy as Spain if that were true. Russia has averaged closer to 4% growth.
Once again “?” Russia is a bigger economy than Spain, and before the sanctions, their economy was well over $2.2 Trillion. They were neck-and-neck with Brazil.
Less developed countries, tend to grow faster. There’s more known space to build upon.
China has averaged 7% for several years, so why not 6%?
Per Capita ≠ Total GDP
Because China isn’t Russia. Russia hasn’t grown by 6% on average.
Look, I did the math; 6% over 25 years would put them starting from 1993 at $1,866 Trillion.
Starting from 1989, it would be $2,171 Trillion.
At one point they were above both those figures, so I’m not seeing the justification for your incredulity.
Seems to me that you just weren’t aware of the effects the oil bust + sanctions had on them. Yes, they were that rich.
Averages include both an up and down periods. I said 25 years, not “1993 to 2013”. But I will concede I was lazy about ensuring that the data was current year, it cut off at 2016(starting in 91) which was apparently their lowest point in the downturn. After the recent recovery in 2017 and 2018 it’s closer to 5% overall(not peak).
Nor did I, my 1st figure is reflecting 25 years, 2018.
Getting to $2.2 trillion by 2013 meant their growth rate was higher than 6% until they were slapped down. Is there an argument left here? I don’t see what that could be.
There isn’t. I was stating what is(not 6% average growth), you were stating(apparently) what was when counting backwards from a peak rather than from today.
Their chart only goes back to 1993, and to 2014. So yeah, you can get 6% growth out of this, they weren’t covering 25 years to begin with, so it’s just odd you brought that up as a frame.
Point is, nothing’s wrong with their numbers. Real GDP, shows Canada doing what you said they didn’t.
You didn’t account for inflation. And I have other sources which confirm the same thing.