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IMF improves Russia’s GDP growth outlook to 4.4% in 2021

IMF has improved the estimate for this year by 0.6 percentage point as compared to its April paper

WASHINGTON, July 27. /TASS/. Growth of Russian GDP will be 4.4% in 2021, the International Monetary Fund (IMF) says in its report on global economic development prospects.

IMF has improved the estimate for this year by 0.6 percentage point as compared to its April paper.

At the same time, the Fund revised its outlook for 2022 down to 3.1% against 3.8% in April. IMF experts also changed their assessment of the economic downturn in Russia in 2020 from 3% to 3.1%.

"Many emerging market and developing economies on the other hand are looking to rebuild fiscal buffers. Some, including Brazil, Hungary, Mexico, Russia, and Turkey, have also begun normalizing monetary policy to head off upward price pressures," IMF said.