The IMF has improved the forecast for the growth of the Russian economy in 2023

In January of this year, the IMF predicted the growth of the Russian economy this year by only 0.4%. At the same time, the previous forecast for the country's GDP for 2024 was 0.8% higher.

According to updated data, the decline in the Russian economy over the past year amounted to 2.1%. The same drop was previously recorded by Rosstat.

Earlier, the World Bank published its forecast for the development of the Russian economy. The document notes that the country's GDP will decrease by only 0.2% by the end of this year. Earlier, the World Bank expected the Russian economy to shrink by 3.3%. Economic growth next year, on the contrary, was adjusted downwards to 1.2%.

According to IMF estimates, inflation in the country will slow down to 7% this year and to 4.6% next year. According to the results of the past year, inflation in the country amounted to 13.8%, the report notes. According to Rosstat, inflation in Russia by the end of 2022 has almost reached 12%.

This year, unemployment is also projected to decrease from 3.9% to 3.6% and its growth next year to 4.3%. Earlier, Rosstat recorded a record low unemployment rate in the country at the end of last year at the level of 3.7%.

The IMF notes that, despite Western sanctions, the country continues to steadily supply Russian oil to foreign markets, primarily to China and India.