IMF Revises Russia’s 2024 Growth Forecast Upward

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The International Monetary Fund (IMF) has upgraded its forecast for Russia’s economic growth in 2024, predicting a 3.2% increase in GDP. This revision, announced in its April World Economic Outlook, is 0.6 percentage points higher than the 2.6% growth projected in January. The IMF also slightly adjusted its 2025 forecast for Russia, raising it to 1.8% from the previous estimate of 1.1%.

The IMF attributes Russia’s improved economic outlook to “a boom in investment in state-owned enterprises.” This reflects the country’s adaptation to sanctions imposed in response to the Ukraine conflict.

Globally, the IMF anticipates the world economy to expand by 3.2% in 2024, a slight increase from the 3.1% projected earlier. The 2025 forecast remains unchanged at 3.2%, TV BRICS reported.

According to Mikhail Khachaturyan, an associate professor at the Financial University under the Government of Russia, the IMF’s revision acknowledges Russia’s economic resilience. “Early data for 2024 indicates a 4% annual GDP growth, driven by strong performances in manufacturing industries,” he said. “Sectors like machine-building (up 30% in Q1), metallurgy (18% growth), and food (13% increase) are expected to remain key pillars of the Russian economy this year.”

Khachaturyan, an expert in the economies of BRICS, SCO, and ASEAN countries, further noted that Prime Minister Mikhail Mishustin previously projected a 3.6% GDP rise for Russia in 2023.

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