IMF improves Russia's 2023 GDP forecast from 0.3% to 0.7%

IMF improves Russia's 2023 GDP forecast from 0.3% to 0.7%
Russia's economy is expected to grow more quickly this year by 0.7% according to the IMF, but slow more than expected next year, growing by 1.3%. / bne IntelliNews
By bne IntelliNews April 12, 2023

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.

 

Related Content

Putin to run for president in an election where the voters don’t matter

Tiny Moldova stands up to Russia’s might

BOFIT: Russian inflationary pressures on the rise

Read in IntelliNews Pro
Get IntelliNews Pro

Related Content

Putin to run for president in an election where the voters don’t matter

Tiny Moldova stands up to Russia’s might

BOFIT: Russian inflationary pressures on the rise

Data

BOFIT: Russian inflationary pressures on the rise

Russia’s strong growth, driven by heavy military spending, has created growing inflationary pressure as the economy starts to overheat, the Bank of Finland institute for Emerging Economies (BOFIT) says in its weekly update.

Putin's trust rating holds steady at 78.5% in latest poll

In the most recent poll conducted by the Russian Public Opinion Research Center (VTsIOM), President Vladimir Putin's trust rating remained steady at 78.5%.

Dragon Capital halves Ukraine’s 2024 GDP forecast to 4% in anticipation of another year of war

Ukraine’s leading investment bank Dragon Capital has cut its GDP forecast for Ukraine in 2024 in half to 4% y/y in anticipation of another year of war, The New Voice of Ukraine reported on December 7.

Czech industry increased by 1.9% y/y in October

Czech industrial production increased by 1.9% year on year and by 2.8% month on month in October. The October increase follows a 5% slump registered in September, which alarmed local analysts.

Turkey’s net reserves recover to minus $57bn

Since 2018, economy has carried risk of severe balance of payments crisis. For the removal of that risk, the central bank’s net in and off-balance sheet FX position should at least turn positive.

BOFIT: Russian inflationary pressures on the rise
18 hours ago
Putin's trust rating holds steady at 78.5% in latest poll
20 hours ago
Dragon Capital halves Ukraine’s 2024 GDP forecast to 4% in anticipation of another year of war
22 hours ago
Czech industry increased by 1.9% y/y in October
23 hours ago
Turkey’s net reserves recover to minus $57bn
1 day ago

Follow Us On

Most Read

  1. Putin's approval rating up to 85% in November, Russians happy with the country's direction
    5 days ago
  2. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    1 month ago
  3. LONG READ: The boomerang effect: sanctions hurt Europe more than Russia
    7 days ago
  4. Former Kazakh leader Nazarbayev confesses to polygamy with Miss Kazakhstan 1999
    3 days ago
  5. Top Ukrainian politician David Arakhamia gives seventh confirmation of Russia-Ukraine peace deal agreed in March 2022
    12 days ago
  1. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    1 month ago
  2. Top Ukrainian politician David Arakhamia gives seventh confirmation of Russia-Ukraine peace deal agreed in March 2022
    12 days ago
  3. Russia overtakes Germany to become fifth biggest economy in the world in GDP on a PPP basis
    4 months ago
  4. Armenia marks new era with French military purchases
    10 days ago
  5. Lavrov confirms Ukraine war peace deal reached last April, but then abandoned
    2 months ago

Reports

SELECT `n`.`nid` AS `id`, `n`.`title`, 'bne IntelliNews' AS authors, 'bne IntelliNews' AS bylines, `wc`.`field_website_callout_value` AS `summary`, `smc`.`field_social_media_callout_value` AS `social`, `pd`.`published_at` AS `date`, `p`.`field_publication__tid` AS `publication_id`, `fm`.`uri` AS `image`, `fspcaption`.`field_story_photo_caption_value` AS `image_credit`, `fspcredit`.`field_story_photo_credit_value` AS `image_author`, `ws`.`field_website_sections_tid` AS `section_id`, `fdfs`.`field_subject_tid` AS `subject_id`, `db`.`body_value` AS `body`, `fm2`.`uri` AS `pdf`, `et`.`field_enable_tracking_value` AS `tracking`, `ht`.`field_head_tags_value` AS `headTags`, `bt`.`field_body_tags_value` AS `bodyTags` FROM `node` AS `n` LEFT JOIN `field_data_field_website_callout` AS `wc` ON wc.entity_id = n.nid LEFT JOIN `field_data_field_social_media_callout` AS `smc` ON smc.entity_id = n.nid LEFT JOIN `publication_date` AS `pd` ON pd.nid = n.nid LEFT JOIN `field_data_field_publication_` AS `p` ON p.entity_id = n.nid LEFT JOIN `field_data_field_story_picture` AS `sp` ON sp.entity_id = n.nid LEFT JOIN `file_managed` AS `fm` ON fm.fid = sp.field_story_picture_fid LEFT JOIN `field_data_field_story_photo_caption` AS `fspcaption` ON fspcaption.entity_id = n.nid LEFT JOIN `field_data_field_story_photo_credit` AS `fspcredit` ON fspcredit.entity_id = n.nid LEFT JOIN `workflow_node` AS `wn` ON wn.nid = n.nid LEFT JOIN `field_data_field_website_sections` AS `ws` ON ws.entity_id = n.nid LEFT JOIN `field_data_field_subject` AS `fdfs` ON fdfs.entity_id = n.nid LEFT JOIN `field_data_body` AS `db` ON db.entity_id = n.nid LEFT JOIN `field_data_field_file` AS `ff` ON ff.entity_id = n.nid LEFT JOIN `file_managed` AS `fm2` ON fm2.fid = ff.field_file_fid LEFT JOIN `field_data_field_enable_tracking` AS `et` ON et.entity_id = n.nid LEFT JOIN `field_data_field_head_tags` AS `ht` ON ht.entity_id = n.nid LEFT JOIN `field_data_field_body_tags` AS `bt` ON bt.entity_id = n.nid WHERE (n.status = 1) AND (n.type = 'article') AND (n.nid = 275604) AND (wn.sid= 3) AND (p.field_publication__tid IN (2465,2851,3184,3159,3266,3264,3270,3265,3267,3268,3269,3171,3168,3185,3170,1346,1345,3180,3175,3254,3249,1207,1208,3181,3231,3177,3186,3178,1003,3187,2975,3204,3198,3188,3202,3196,3250,3189,3160,3161,3312,3313,3173,3314,3315,3167,3259,3257,3263,3258,3260,3261,3262,3174,3316,3165,3192,3163,3282,3190,2811,3256,3317,3162,3318,3191,3297,3182,3179,3166,3319,3376,3320,3172,3255,3169,1008,3203,3197,3321,3252,3164,1307,3322,3183,3220,3176,3201,3323,1327,1020,1006,1009,1013,1014,1018,1005,1328,1010,1011,1002,1012,1311,1330,1017,1016,1019,1004,1001,1334,1335,1336,1015,1337,1338,1339,1340,1341,2496,2501,2517,2529,2506,2505,2524,2513,2526,2537,2489,2490,2520,2536,2488,2532,2500,2515,2503,2493,2527,2523,2510,2525,2498,2499,2528,2507,2487,2511,2521,2502,2491,2519,2497,2492,2514,2495,2509,2512,1629,3358)) LIMIT 1
Dismiss