Arsenal@LHR
Topic Author
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Joined: Tue Mar 20, 2001 2:55 am

Russia's Economy The Size Of Belgium's?

Wed Jun 26, 2002 6:26 am

I was watching a programme about Russia and the cold war, and they mentioned that Russia'a economy is the same size as Belgiums economy now, is this true? If it is, it's quite suprising.

Arsenal@LHR
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Hepkat
Posts: 2134
Joined: Fri Aug 11, 2000 8:22 am

RE: Russia's Economy The Size Of Belgium's?

Wed Jun 26, 2002 6:31 am

Wow, that would be quite surprisingly. Either the Belgians have their act together, or Russia needs to get theirs.

On a sidenote, since moving to Europe I've been absolutely amazed at the progress made in 60+ years by these countries. They're virtually industrial powerhouses considering what they had to go through at the end of the last world war. Take Austria, for instance, a totally destroyed economy 60 years ago, and just look at what they've achieved today. These are nothing short of miracles, and I wish we could apply their solution to the rest of the world. I know, it's wishful thinking, but it's really a success story.
 
khi747
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Joined: Tue Oct 31, 2000 6:30 am

RE: Russia's Economy The Size Of Belgium's?

Wed Jun 26, 2002 6:45 am

Ummm...See the way to measure and economy is by looking at the size of the Gross Domestic Product (GDP).
The Russian GDP, with purchasing power parity, is $1.12 trillion or $1,112 billion.
The Belgian GDP, with purchasing power parity, is $259.2 Billion.
By looking at the above, obviously Russia has an economy many times larger then Belgium. HOWEVER when i looked up their nominal GDPs i was quite surprised my self. The nominal GDP was Russia,after shrinking for the past few years, is about $260-270 Billion and Belgium has a GDP of around $230-240 Billion. So yes by measuring their NOMINAL GDP it seems that Belgium and Russia have a similar economy size.
 
Arsenal@LHR
Topic Author
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RE: Russia's Economy The Size Of Belgium's?

Wed Jun 26, 2002 8:18 am

Hmm...I think the Russians need to get their act together, from being a superpower with a big economy, to the depths of a fallen giant. Few years ago, i heard they were rationing food in in Russia.  Wow!

Arsenal@LHR
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pacificjourney
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RE: Russia's Economy The Size Of Belgium's?

Wed Jun 26, 2002 8:20 am

We need to remember that Belgiums numbers are probably an accurate measure of her economy whereas Russia has a black economy estimated at 3 times it's official one.

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