They fell slightly, bounced low // The IMF revised its views on the dynamics of the Russian economy in the European context

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The impact of sanctions on the Russian economy, according to the IMF, cited in the fund’s European regional report, was mitigated last year by a record trade surplus and growth in government spending. In the same year, the fund expects a drop in Russia’s export earnings due to increased external restrictions, which will limit the potential growth of its economy to 1% of GDP per year in the medium term. An additional reduction in the current account surplus is provided by the updated forecast of the Russian Central Bank. At the same time, for Europe itself, a common problem will be the persistence of high inflation at low growth rates this year, which will limit the scope for easing monetary policy.

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