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IMF upgrades outlook on Russia’s GDP growth for 2023 again

According to the report, the rise in growth reflects a substantial fiscal stimulus, strong investment, and resilient consumption in the context of a tight labor market

MOSCOW, October 10. /TASS/. The International Monetary Fund (IMF) has adjusted its outlook on Russia’s economic growth as it upgraded projections for 2023 and downgraded them for 2024, according to the World Economic Outlook report.

The IMF currently expects Russia’s GDP growth at 2.2% in 2023 and at 1.1% in 2024. The IMF’s outlook for this year has been revised upward 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 labor 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.

Moreover, the IMF projects inflation in Russia at 5.3% in 2023, down from 13.8% in 2022 (according to the Fund’s estimations), while in 2024 the Fund expects inflation to grow again to 6.3%.

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