The Russian Federation is a developing country, as stated by the International Statistical Institute. According to the standards set by the World Bank, a developing country is a nation with a lower standard of living and a gross national income of $11,905 or less per capita.
As of 2015, Russia has good prospects for becoming a developed economy. A study developed by Bank of America Merrill Lynch suggests that the country is on track to achieve the developed economy status by 2020. This requires having a sizable middle class, low inflation, an improvement in internal consumption and slower economic growth rates.