The IMF predicted the growth of the Russian economy by 0.3% in 2023
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The International Monetary Fund (IMF) expects the Russian economy to grow by 0.3% in 2023, instead of the 2.3% decline projected in October 2022, should from the updated forecast.
According to the IMF, in 2022 Russia’s GDP contracted by 2.2%, and not by 3.4%, as the organization assumed in the previous forecast. The Russian economy is expected to grow by 0.3% in 2023 (instead of a 2.3% decline), and by 2.1% in 2024 (the IMF did not make forecasts for 2024 in October).
The IMF also improved the forecast for global GDP growth in 2023 by 0.2 percentage points, to 2.9% against 3.4% in 2022. It is noted that in 2022, global GDP growth amounted to 3.4% , which is 0.2 percentage points better than the October forecasts. In 2024, the IMF expects the global economy to grow by 3.1%.
By prior evaluation, Russia’s GDP decreased by 2.5% in 2022. At the same time, in the fall, the Ministry of Economics estimated the decline in the Russian economy at 2.9%. In 2023, the GDP contraction is projected at the level of 0.8%. At the same time, in 2024-2025. The Ministry of Economy expects the growth of the Russian economy by 2.6% per year.
In January, the economic forecast was also presented by the World Bank. According to data organizations, according to the results of 2022, the decline in the RF GDP amounted to 3.5% (in June, the World Bank predicted a decline of 8.9%). In addition, the World Bank expects that in 2023 Russia’s GDP will decline by 3.3%, but already in 2024 this figure will grow by 1.6%.
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