Published 24 April 2024 at 08.38
Economics. Russia's economy will grow faster than any advanced economy in the world, according to a new forecast from the International Monetary Fund (IMF). BBC News reports.
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The IMF expects Russia to grow by 3.2 percent this year. It is a significantly higher figure than expected for countries such as the UK, France and Germany.
Oil exports have “remained stable” and public spending has “remained high”, which according to the IMF is contributing to growth.
Despite the sanctions against the Kremlin, the IMF has upgraded its January forecasts for the Russian economy this year. Even if growth were to be lower in 2025, according to the forecast, it will still be higher than previously expected, landing at 1.8 percent.
Investments from private and state-owned companies and “robustness in private consumption” within Russia alongside strong oil exports has promoted growth, according to Petya Koeva Brooks, deputy director at the IMF.