IMF improves Russia's GDP growth forecast
11.04.2023
IMF improves Russia's GDP growth forecast
The International Monetary Fund (IMF) has improved its forecast for Russia's GDP growth in 2023 to 0.7%, and in 2024 – by 1.3%, the organization's report says.
According to the data presented, the growth forecast for the current year was revised up by 0.4% and reduced by 0.8% in 2024 compared to the January estimate.
At the same time, it is noted that the world economy will grow by 2.8% and 3% in 2023 and 2024, respectively.
IMF Chief Economist Pierre-Olivier Gourincha said at a briefing that the price of Russian oil on world markets is declining, and budget revenues are also declining accordingly.
"So this will make the situation in the public sector a little more difficult <...>, and this applies to some of our forecasts for 2023 and 2024," he said.
At the same time, the IMF notes that Russian black gold exports remained stable, despite Western sanctions. In particular, the report says, this was due to the shipment of raw materials to countries that did not support restrictions, mainly to India and China.
The unemployment rate in Russia, according to the document, at the end of 2022 was 3.9%, and in 2023 analysts expect it to decrease to 3.6%. In 2024, unemployment is expected to rise again to 4.3%. According to Rosstat, in 2022, the unemployment rate in the Russian Federation reached a historic low of 3.7%.
Based on the materials of the IMF website, Izvestia, TASS, Kommersant