"The forecast for Russia is for a rise from –2.1 percent in 2022 to 2.2 percent in 2023, with an upward revision of 0.7 percentage point for 2023," the IMF said in its World Economic Outlook (WEO) report.
The report attributed the rise in growth to a substantial fiscal stimulus, strong investment, and resilient consumption in the context of a tight labor market.
In 2024, the IMF expects the Russian economy to expand by 1.1%, 0.2 percentage points down from April's forecast.
Dismal Outlook for Eurozone
The International Monetary Fund (IMF) has downgraded its forecast for growth of the eurozone economy by 0.2 percentage points to 0.7% in 2023, according to a new World Economic Outlook (WEO) report published on Tuesday.
"Growth in the euro area is projected to fall from 3.3 percent in 2022 to 0.7 percent in 2023, before rising to 1.2 percent in 2024. The forecast is revised downward by 0.2 percentage point and 0.3 percentage point for 2023 and 2024, respectively, compared with July 2023 WEO Update projections," the report said.
26 September 2023, 12:01 GMT
The IMF also projects that the German economy will contract by 0.5% in 2023 instead of 0.3%, according to the report.
In France, the IMF predicts a growth of 1% instead of 0.8%, the report added.