IMF improves forecast for Russia’s GDP growth to 4.4% in 2021

MOSCOW, Jul 27 (PRIME) -- The International Monetary Fund (IMF) has upgraded its forecast for Russia’s 2021 gross domestic product (GDP) growth to 4.4% from 3.8%, but worsened the outlook for 2022 to 3.1% from 3.8%, the authority said in the World Economic Outlook published on Tuesday.

The IMF previously said that Russia’s GDP contracted by 3% in 2020.

The forecast for the global economic growth was maintained at 6% in 2021, but expectations for 2022 were improved to 4.9% from 4.4%.

In spite of maintaining the GDP forecast for 2021, the fund made adjustments that reflect different dynamics of the coronavirus pandemic in developed and developing countries. The upgrade of the forecast for 2022 largely reflects the additional fiscal support in the U.S. and its contribution to the global economy, the IMF said.

The authority also increased its prediction of the average annual oil price in 2021 by U.S. $6.16 to $64.68 per barrel and in 2022 by $8.2 to $63.02 per barrel.

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