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26 Jan, 2021 14:43

IMF improves forecast for Russia’s economic growth this year

IMF improves forecast for Russia’s economic growth this year

The International Monetary Fund (IMF) has improved its outlook on the Russian economy, projecting GDP growth of three percent in 2021 against its October growth forecast of 2.3 percent.

In 2022, the IMF expects Russia's gross domestic product (GDP) to grow by 3.9 percent. That is also an upward revision of the previous expectation of a 2.3 percent growth. According to the fund, the Russian economy contracted 3.6 percent last year. 

The IMF has projected the global economy will grow 5.5 percent in 2021 and 4.2 percent in 2022 “amid exceptional uncertainty.”

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Global economic activity still remains well below pre-pandemic levels, it said, pointing out that “Even with the anticipated recovery in 2021-22, output gaps are not expected to close until after 2022.”

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