2024 Russia growth forecast raised to 3.6% by IMF, 2023 revised to 3.2% by World Bank due to resilience amid external challenges.

The IMF has raised Russia's 2024 growth forecast to 3.6% due to increased government spending related to the ongoing war, while lowering its 2023 forecast from 1.5% to 1.3%. Concurrently, the World Bank revised Russia's 2023 growth to 3.2%, citing strong consumer sentiment and successful adaptation to Western sanctions. This indicates a shift in perception of Russia's economy, now classified as "high" income, and suggests resilience amid external challenges.

October 22, 2024
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