IMF improves Russia's 2023 GDP forecast from 0.3% to 0.7%

IMF improves Russia's 2023 GDP forecast from 0.3% to 0.7%

Russia's economy is expected to grow more quickly this year by 0.7% according to the IMF, but slow more than expected next year, growing by 1.3%. / bne IntelliNews

By bne IntelliNews April 12, 2023

The International Monetary Fund (IMF) upgraded its estimate of Russian economic growth in 2023, the Fund said in its report on global economic development prospects released on April 12.

The IMF expects the Russian national GDP to grow by 0.7% in 2023, up from the previous forecast of 0.3% growth for this year. It also expects growth next year to be 1.3%, less than the previous forecast of 2.1% as sanctions continue to bite.

Inflation in Russia was 13.8% on average last year, the IMF said. Inflation is anticipated to fall to below the CBR’s target rate of 4% in the coming months, on low base effects, but will rise again in the second half of this year towards around 8%, the CBR believes.

The Fund predicts inflation will drop to 7% in 2023 and to 4.6% in 2024.

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