Russia’s economic forecast has improved dramatically — RT Business News

The economy will grow by 0.3% in 2023, according to the IMF, which previously forecast a contraction

The International Monetary Fund has revised its estimate of Russia’s economic development upwards, predicting GDP growth of 0.3% this year and 2.1% in 2024.

According to the fund’s World Economic Outlook update released on Monday, Russia’s GDP fell 2.2% last year. In its October forecast, the IMF indicated that the decline should be 3.4%. For this year, the fund previously forecast a decline of 2.3%, and for 2024, a decline of 2.1%.

IMF estimates are beginning to converge with Russian forecasts, the press service of the Ministry of Economic Development told RBK daily after the report was published.

“Indeed, the Russian economy is confidently overcoming the barriers of sanctions from hostile countries. In 2023, further economic recovery will depend on improving consumer demand, as well as measures to ensure loan growth business and consumer. the ministry said.

Russian economy doing much better than expected: Putin

Earlier this month, President Vladimir Putin said Russia’s economy was in better shape than expected and was on track to stabilize further. He added that Western sanctions and international pressure did not seriously hurt the economy, and the results showed it.

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