WASHINGTON, January 30. /TASS/. The International Monetary Fund has revised upward its estimates of economic development of Russia and forecasts the country’s GDP to grow by 2.6% in this year and by 1.1% in 2025.

According to data presented in the IMF’s report, Russian GDP increased by 3% in 2023. It follows from the document that IMF revised upward its earlier forecast for growth of this indicator in Russia by 1.5 percentage points in 2024 and by 0.1 percentage point in 2025.

The upward revision for this year recognizes the effect of higher than expected growth in 2023, related to high defense spending and private consumption supported by the rise in salaries in the environment of the labor market with the high manpower demand, IMF said. The budgetary and fiscal policy in Russia was also softened in 2023, experts added.