Russia expected to grow faster than all advanced economies, IMF says
Russia’s economy is expected to grow faster than all advanced economies this year, according to the International Monetary Fund.
Russia is expected to grow 3.2% in 2024, the IMF said in its latest World Economic Outlook published Tuesday, exceeding the forecast growth rates for the U.S. (2.7%), the U.K. (0.5%), Germany (0.2%) and France (0.7%).
The predictions will be galling for Western nations which have sought to economically isolate and punish Russia for its 2022 invasion of Ukraine.
Russia says sanctions have in fact made it more self-reliant and that private consumption and domestic investment remain resilient. Meanwhile, continuing oil and commodity exports to countries like India and China have allowed it to maintain oil export revenues. Russia’s military-industrial complex has also expanded significantly during the war as defense spending and production have rocketed.
