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IMF upgrades Russian GDP growth outlook for 2024 to 3.6%, downgrades 2025 forecast to 1.3%

The outlook for 2024 was upgraded by 0.4 percentage points compared with the Fund’s previous forecast

WASHINGTON, October 22. /TASS/. The International Monetary Fund (IMF) has upgraded its outlook on Russia’s GDP growth for 2024 to 3.6%, while the forecast for 2025 has been downgraded to 1.3%, according to the IMF’s World Economic Outlook report.

The outlook for 2024 was upgraded by 0.4 percentage points compared with the Fund’s previous forecast, while the outlook for 2025 was downgraded by 0.2 percentage points. In 2023, Russia’s economy grew by 3.6%.

The IMF expects Russia’s economic growth rates to slow down as "private consumption and investment slow amid reduced tightness in the labor market and slower wage growth."