IMF improves Russia’s 2022 GDP contraction forecast to 3.4%

WASHINGTON, Oct 11 (PRIME) -- The International Monetary Fund (IMF) has upgraded its forecast for contraction of the Russian economy in 2022 to 3.4% from 6%, it said in its October report in Tuesday.

The forecast for 2023 was also upgraded to a 2.3% fall of GDP from a 3.5% contraction.

The fund also expects inflation to amount to 13.8% in 2022 and to fall to 5% in 2023, while unemployment should stand at 4% this year and at 4.3% next year.

The IMF maintained its expectations of the global economic growth at 3.2% in 2022 and at 2.7% in 2023. But the forecast for global inflation in 2022 was upgraded to 8.8% from 8.3% and the inflation forecast for 2023 was raised to 6.5% from 5.7%.

The average annual oil price estimate was cut to U.S. $98.2 per barrel in 2022 and to $85.52 per barrel in 2023 from the previous expectations of $103.88 and $91.07, respectively.

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