IMF improves outlook for Russia’s GDP increase to 1.5% in 2023

WASHINGTON, Jul 25 (PRIME) -- The International Monetary Fund (IMF) has increased Russia’s 2023 gross domestic product (GDP) growth forecast to 1.5% from 0.7% due thanks to high retail, construction and industrial output performance in January–June and large tax and budget stimuli, the fund said in the World Economic Outlook published on Tuesday.

The IMF also kept the growth outlook for 2024 at 1.3%.

The forecast for the global economy increase was raised to 3% from 2.8% for 2023, and kept at 4% for 2024.

The authority also forecast the average annual oil price to fall by 20.7% in 2023, and by 6.2% in 2024.

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