The International Monetary Fund (IMF) upgraded its estimate of Russian economic growth in 2023, the Fund said in its report on global economic development prospects released on April 12.
The IMF expects the Russian national GDP to grow by 0.7% in 2023, up from the previous forecast of 0.3% growth for this year. It also expects growth next year to be 1.3%, less than the previous forecast of 2.1% as sanctions continue to bite.
Inflation in Russia was 13.8% on average last year, the IMF said. Inflation is anticipated to fall to below the CBR’s target rate of 4% in the coming months, on low base effects, but will rise again in the second half of this year towards around 8%, the CBR believes.
The Fund predicts inflation will drop to 7% in 2023 and to 4.6% in 2024.