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IMF improves Russia's GDP forecast, expects it to grow by 0.3% in 2023 and 2.1% in 2024

The October forecast of the International Monetary Fund for 2023 improved by 2.6 p.p., as well as by 0.6 p.p. for 2024

WASHINGTON, January 31. /TASS/. The International Monetary Fund (IMF) has revised upwards the estimates of Russia's economic development and forecasts the country's GDP to grow by 0.3% in the current year and by 2.1% in 2024, according to the IMF’s World Economic Outlook update published on Monday.

According to the cited estimates, Russia's GDP declined by 2.2% in 2022. It follows from the document that the IMF has raised its October forecast for Russia's growth in 2023 by 2.6 percentage points, as well as its forecast for 2024 by 0.6 percentage points.

Earlier this month, the World Bank presented its World Economic Outlook. It follows from the document that Russia's GDP will decline by 3.3% this year, while next year it will grow by 1.6%.