Published: January 17, 2025 8:30 pm
Author: RT
Gross domestic product is projected to grow 1.4% this year
The International Monetary Fund (IMF) has once again increased its growth outlook for the Russian economy in 2025 despite global challenges.
In its latest World Economic Outlook issued on Friday, the Washington-based institution has said that it now expects the country’s GDP to grow 1.4% this year, an upward revision of 0.1 percentage points from its October 2024 report. The forecast for 2026 remained unchanged at 1.2%.
Commenting on the report, IMF economist Pierre-Olivier Gourinchas told RIA Novosti that the revision is largely due to the fact that “we received somewhat stronger data than expected.”
Last month, IMF Communications Director Julie Kozak projected that the fund would update its forecast for Russian economic growth due to “strong private consumption and rapid growth in wages.”
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She also said that “strong corporate investment” is supporting the country’s economic growth.
The IMF has previously cited Russia’s diversified energy exports and domestic fiscal measures as being among the factors supporting the economy.
According to the World Bank’s January issue of Global Economic Prospects, Russia’s GDP will increase 1.6% in 2025 and 1.1% in 2026.
Russia’s Ministry of Economic Development expects a growth rate of 2.5% this year, while the Bank of Russia is projecting a 0.5-1.5% expansion.
