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IMF revises its outlook for Russia's GDP growth in 2024 up to 3.2% — report

The document notes that in 2023, inflation in Russia amounted to 5.9%, while the unemployment rate was 3.2%

WASHINGTON, April 16. /TASS/. The International Monetary Fund (IMF) has revised its forecast for Russian GDP growth in 2024 upward, increasing it to 3.2%. This is stated in the IMF’s latest report on the prospects for the development of the world economy, presented in Washington.

The fund's economists raised their forecast for this indicator by 0.6 percentage points compared to their January estimates. The forecast for Russian GDP for 2025 was also raised by 0.7 percentage points to 1.8%. According to IMF estimates, last year the Russian economy grew by 3.6%.

"The moderation reflects a prospective decline of growth in Russia from 3.2% in 2024 to 1.8% in 2025 as the effects of high investment and robust private consumption, supported by wage growth in a tight labor market, fade," the report says.

The document notes that in 2023, inflation in Russia amounted to 5.9%. The IMF predicts it will accelerate to 6.9% in 2024 and slow to 4.5% in 2025.

According to IMF estimates, in 2023 the unemployment rate in Russia was 3.2%. The organization believes that it will drop to 3.1% in 2024 and return to 3.2% in 2025.

The growth rate of the Russian economy, according to experts, will exceed in 2023 and 2024 the similar indicators of the G7 countries that have imposed sanctions against Russia. US GDP growth last year was 2.5% (expected 2.7% in 2024), France - 0.9% (0.7%), Italy - 0.9% (0.7%), Japan - 1.9% (0.9%), the UK - 0.1% (0.5%), Canada - 1.1% (1.2%), and Germany recorded a decline last year of 0.3 % (this year growth is expected to be only 0.2%).

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