GDP per capita adjusted for PPP in Eurasia 2010-2029, by country

Russia had the highest GDP per capita based on purchasing-power-parity (PPP) among the presented Eurasian countries between 2010 and 2023 and was forecast to remain in the leading position in the following years. However, Kazakhstan was predicted to close the gap with Russia slowly by 2029. 

What are the largest economies in Eurasia?

At an estimated 2.2 trillion U.S. dollars, Russia had the largest GDP among the Eurasian countries in 2024. The country generated most of its wealth through its energy sector, given that a high percentage of its industrial and agricultural sectors was privatized in the 1990s. Ranking second and third were Kazakhstan and Ukraine, whose GDP amounted to approximately 293 billion U.S. dollars and 184 billion U.S. dollars, respectively. Looking at national debt, Ukraine demonstrated the highest ratio to GDP, at over 95 percent in 2024. Despite exhibiting the second-lowest figure in the region, Russia’s national debt was forecast to increase in the years until 2029. 

Inflation in Eurasia

The highest inflation rate in Eurasia was recorded in Uzbekistan, at around 10 percent in 2024. It was followed by Kazakhstan and Russia, where consumer prices were estimated to grow by approximately 8.6 percent and 7.9 percent relative to the previous year, respectively.  As of January 2024, monthly expenses on the basic food basket occupied around 36 percent of the official minimum wage in Moldova. At the same time, in Uzbekistan, the minimum wage was just enough to cover basic food expenses.