IMF affirms Russia's 4% GDP growth forecast for 2012.

By bne IntelliNews July 18, 2012
Despite cutting global economic outlook, IMF affirmed Russia's GDP growth forecast for 2012 at 4%. To remind, previously in its spring outlook IMF upgraded Russia's GDP growth forecast for 2012 from 3.3% to 4% and for 2013 from 3.3% to 3.9%, attributing the upgrade to higher than expected oil prices. IMF believes that Russia's economy recovered after crisis and argues that it is functioning close to its maximum potential, as concluded from record-low unemployment of 5.4% and capacity utilization levels of about 80%. IMF's outlook on fiscal performance worsened, with a 0.1% surplus and 0.7% of GDP deficit expected in 2012 and 2013 (previously 0.6% and 0.3%, respectively). Previously IMF warned of the risks of declining oil prices, urging the government to cut the budget deficit, curb inflation and increase the Reserve Fund. The fund also saw risks to Russia's economic growth as a result of possible eurozone crisis resulting in lower natural resources prices, dropping financing for the bank and global liquidity shortages.

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