IMF: Russian economy will grow by 2.2 percent by the end of 2023
Analysts at the International Monetary Fund have improved their growth forecast for the Russian economy for 2023 to 2.2 percent. This is reported in report IMF, published on the website of the financial institution.
For comparison, in July experts predicted an increase in Russia’s GDP growth rate by 1.5 percent by the end of this year. Thus, they raised their forecast by 0.7 percentage points.
According to analysts, the dynamics will be driven by “significant fiscal stimulus, strong investment and robust consumption in a tight labor market.” Expectations for the country’s economic growth for 2024, on the contrary, were reduced to 1.1 percent instead of the previously expected 1.3 percent.
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The IMF believes that inflation in Russia at the end of 2023 will be 5.3 percent and will be closer to the Central Bank’s target of four percent. For comparison, by the end of 2022, the growth rate of consumer prices in the country reached 13.8 percent. At the same time, the organization expects inflation in Russia to accelerate in 2024 to 6.3 percent.
Earlier, the IMF raised its forecast for global consumer price growth in 2024 to 5.8 percent, although previously the fund expected an increase to 5.2 percent. Analysts warned that inflation in most countries will continue to remain above the targets set by central banks. Against this background, experts lowered the global economic growth forecast for 2024 to 2.9 percent instead of the previously expected three percent.
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