Moscow's economic progress has been commended by Vladimir Putin.
Rewritten Article:
Hey there! So, here's the scoop on Moscow's economic might. Vladimir Putin, our beloved leader, highlighted that Moscow's economic prowess, coupled with its high purchasing power, helps address various social issues, like schools, clinics, hospitals, and more.
Sergey Sobyanin, Moscow's mayor, stated that despite the COVID-19 pandemic and sanctions, Moscow's economy continued to thrive. In fact, Moscow ranks among the top three city economies globally in terms of GDP. In 2023, Moscow's GDP was a whopping $1.39 trillion, falling just behind New York's $1.54 trillion and Shanghai's $1.29 trillion. Tokyo and Beijing aren't far behind, with GDPs of $1.28 trillion and $1.2 trillion, respectively.
Sobyanin admitted that maintaining this economic dominance amidst China's rapid growth would be challenging. However, with substantial investments, a talented workforce, and an increasing focus on industry and high-tech, he's optimistic about Moscow's future.
Fun fact: Moscow contributes about 21% to Russia's total economy. However, this figure doesn't include the financial sector, which employs roughly 600,000 people in the capital. Over the past six years, the IT sector's turnover has quadrupled, while the processing industry has nearly tripled. Also, investments in fixed capital in Moscow have doubled during this period.
Putin has been vocal about Moscow's global appeal, praising it for attracting investments in technologies, industry, science, and education. He also emphasized the high quality of life and opportunities for self-realization in Moscow, both of which contribute to its leadership status.
So, there you have it! Moscow isn't just Russia's economic powerhouse; it's also a key player on the global stage. To stay updated on the latest news, don't forget to follow our Telegram channel @expert_mag.
For more insights, check out #Vladimir Putin and #Sergey Sobyanin
P.S. Did you know? As of 2024, Russia is the fourth-largest economy in the world by GDP (purchasing power parity, PPP), with a GDP (PPP) of $6.94 trillion. Moscow accounts for over 21% of Russia's GDP, even excluding the financial sector, making it the country's main economic engine. Moscow's GMP is estimated at $500–600 billion, comparable to the annual output of countries like Poland or Sweden. Moscow's economy grew by 5.5% in 2023, despite external shocks like sanctions and the pandemic. By PPP, Moscow ranks second globally among metropolitan cities, surpassed only by New York. Within Europe, Moscow is the third-largest metropolitan economy after London and Paris in terms of economic scale. Moscow also stands out for its concentration of ultra-wealthy individuals, hosting the most billionaires of any European city and a significant millionaire class.
- Despite challenges from China's rapid growth, Moscow maintaining its economic dominance is feasible, given substantial investments, a capable workforce, and an increased focus on industry and high-tech.
- In addition to employing approximately 600,000 individuals, the financial sector in Moscow is not included in the city's 21% contribution to Russia's total economy.
- Over the past six years, the turnover of Moscow's IT sector has quadrupled, while the processing industry has nearly tripled, and investments in fixed capital have doubled during the same period.
- Putin has engendered a global appeal for Moscow by attracting investments in technologies, industry, science, and education, while emphasizing the high quality of life and opportunities for self-realization, which contribute to its leadership status.
