Economy

IMF sees improving of Russian economy and adjusts the forecast of the world economy

Russian minister of economy M. Oreshkin. Photo: press-service of Mineconomrazvitie

The growth of the Russian economy, along with improved macroeconomic performance in Brazil has enabled the International Monetary Fund (IMF) to improve the previous global economic forecast by +0.1% in the middle of 2016. However, the overall forecast was then decreased by -0.1% and reached +3.4% due to the expected consequences of a British exit from the EU (“Brexit”). The rate of global growth confirmed in the recent publication of the IMF.

Favorable expectations and appreciation regarding to Russia, said the head of the IMF Christine Lagarde in conversation with Russian Minister of Economy Maxim S. Oreshkin. “We discussed a broad agenda of macroeconomic situation, state of Russian and world economy. Christine Lagarde pointed out our successes from the point of view of crisis management of the situation which developed in Russia in recent years and noted the economic recovery,” the Minister shared at Davos forum. By the way, Russia is a member of the IMF since 1992.

According to IMF’s forecast, the Russian economy will grow by +1.1% in 2017 and +1.2% in 2018 (this year Russia’s GDP fell by 0.6%). However, IMF’s forecast of global economy development is +3.4% in 2017 and +3.6% in 2018. The greatest growth in 2017 is expected in India (+7.2%) and China (+6.5%).

Source: IMF, IMF, Ministry of Economic development