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%.