The IMF has improved the forecast for Russia’s GDP growth in 2023
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The International Monetary Fund (IMF) has improved its forecast for Russia’s GDP growth in 2023 by 0.8 percentage points to 1.5%. At the same time, the forecast for 2024 was left unchanged at the level of 1.3%. This should from materials on the IMF website.
“Forecast for Russia for 2023 has been revised upward by 0.8 p.p. to 1.5%, reflecting strong data (retail, construction and industrial production) that point to strong performance in the first half of the year, supported by strong fiscal stimulus,” the report says.
The IMF also raised its forecast for global GDP growth in 2023 by 0.2 percentage points. until 3%. A similar figure is expected in 2024.
July 21 Bank of Russia declaredthat the country’s GDP growth rate in 2026 will be 1.5-2.5%. The forecast was made taking into account new data on the dynamics of economic activity in the baseline scenario. According to the forecast, the GDP growth rate will be 1.5-2.5% in 2023, 0.5-2.5% in 2024, 1-2% in 2025. The Central Bank also gave an inflation forecast for 2023. It will accelerate from 5.5 to 5.7%, the regulator believes. On July 21, the Board of Directors of the Central Bank raised the key rate by 1 percentage point at once to 8.5%.
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