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IMF forecast for Russian economy begins to resemble local estimates — ministry

The 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

MOSCOW, January 31. /TASS/. The forecast of the International Monetary Fund (IMF) on the dynamics of Russia's GDP is starting to converge with Russian estimates, the press service of the Russian Ministry of Economic Development said on Tuesday, commenting on the IMF forecast for Russia's GDP growth.

"The IMF specialists' assessments are beginning to align with Russian forecasts. Indeed, the Russian economy is confidently overcoming sanctions restrictions from unfriendly countries. According to the statement, further economic recovery in 2023 will be dependent on the recovery of consumer demand, as well as measures to secure lending growth, both corporate and consumer," the ministry said.

According to the ministry, estimates for the current and following years will be modified in accordance with the regulations within the scenario requirements for socioeconomic development forecast.

According to the Ministry of Economic Development's official forecast, Russia's GDP is expected to decline by 0.8% in 2023, while growth in 2024 and 2025 is expected to reach around 2.6%.

The International Monetary Fund (IMF) earlier improved its 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, 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%.

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