IMF expects Russia’s GDP to rise 3% in 2021, 3.9% in 2022

MOSCOW, Jan 26 (PRIME) -- The International Monetary Fund (IMF) has improved its forecast for Russia’s 2021 gross domestic product (GDP) growth to 3% from 2.8% and in 2022 to 3.9% from 2.3%, the IMF said in the World Economic Outlook released on Tuesday.

In 2020, Russia’s economy contracted by 3.6%, the IMF said.

Approval of vaccines and launches of vaccinations in some countries in December 2020 bring hope for an ultimate end to the coronavirus pandemic. In spite of a growth of the amount of casualties from the pandemic, the world’s economic activity will adapt to it with time, the fund said.

The IMF also upgraded its outlook on the global GDP growth in 2021 by 0.3 percentage points to 5.5%, while the forecast for the GDP increase in 2022 was maintained at 4.2%. The improvement reflects a more robust recovery on average in the second half of the year, the IMF said.

The organization also upgraded its forecast for the average annual oil price by U.S. $3.3 per barrel to $50.03 per barrel in 2021 as a consequence for better expectations of the global economic activity. In 2020, the average oil price should contract to $48.82 per barrel.

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