IMF upgrades Russia's 2023 growth to 2.2%, but downgrades 2024 to 1.1%

IMF upgrades Russia's 2023 growth to 2.2%, but downgrades 2024 to 1.1%
In keeping with most analysts, the IMF upgraded Russia's growth outlook for 2023 to 2.3%, but war strains mean growth in 2024 will slow. / bne IntelliNews
By bne IntelliNews October 10, 2023

The International Monetary Fund (IMF) has upgraded Russia’s economic growth outlook for 2023 but downgraded it for 2024, according to its latest World Economic Outlook report. (chart)

The IMF expects Russia’s GDP growth to be 2.2% in 2023 and at 1.1% in 2024. The IMF’s outlook for this year has been revised upwards by 0.7 percentage points from July and by 1.5 percentage points from April, according to the report.

"The rise in growth reflects a substantial fiscal stimulus, strong investment and resilient consumption in the context of a tight labour market," the report said.

Meanwhile, Russia’s GDP growth outlook for 2024 has been downgraded by 0.2 percentage points compared with expectations in July and April.

The IMF also projects inflation in Russia at 5.3% in 2023, down from 13.8% in 2022, while in 2024 the Fund expects inflation to grow again to 6.3%.

At the start of 2023 the IMF Russia’s economy would grow by only 0.7% and 1.3% in 2024.

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