The business news agency ranks 20 developing nations in its scorecard that includes metrics ranging from growth prospects to the state of the current account, sovereign credit ratings and stock and bond valuations.
Russia gained 236 points on these criteria, with the only country ahead of it being Malaysia with 2.55. The Asian country has held on to the top spot on the list since the last ratings were published in June thanks to its current-account surplus, relatively stable economic growth outlook and valuations, according to Bloomberg.
China climbed one place up since June, and is ranked third behind Russia by nearly one point. The Philippines and Colombia round out the top five, followed by Thailand, Poland, Mexico, Chile, and South Korea. Turkey plunged to the bottom of the list, falling from fifth to the twentieth position.
Last year, Russia was ranked 7th in Bloomberg’s emerging economies rating.
The Russian economy was earlier ranked in 31st place in the annual World Banks’ Doing Business survey, four spots above last year’s results. The survey ranks 190 national economies based on 11 areas of business regulation. Russia’s Minister for Economic Development Maxim Oreshkin said he was pleased with the news despite missing Russian President Vladimir Putin’s target.
“If we analyze the situation as a whole, we achieved our target. 31st place isn’t that far from 20th, especially if you take into account that we started from 124th,” the minister told the media in late October. He added that the country will be working to reach the top 20 in six years.