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The International Monetary Fund (IMF) has raised its outlook for Russian GDP growth in 2024 to 3.2% from the 2.6% it was predicting in January, it said in its April World Economic Outlook update, published on Tuesday (April 16).
The IMF forecast is above the 2.2% growth the Russian Economic Development Ministry and 1.0%-2.0% that the Central Bank of Russia are currently forecasting. Andrei Belousov, the First Russian Deputy Prime Minister said recently that the Russian Economic Ministry’s forecast could be raised a few tenths of a percentage point. The ministry is due to unveil its updated three-year macro-economic forecast in April and the Central Bank of Russia its updated medium-term forecast after its April 26 board meeting. The IMF also raised its forecast for Russian GDP growth in 2025, to 1.8% from 1.1%.
Pierre-Olivier Gourinchas, the IMF’s chief economist said that global growth, is projected to be the same, at 3.2% in 2024 and 2025. However, much of this growth is based in Asia and the emerging economies, not the West. The EuroZone area is expected to grow by just 0.4% in comparison.
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