IMF has updated its GDP estimate for Russia for 2024 and 2025. In 2024 the country’s GDP will increase by 2.6% instead of the previously expected 1.1%.
At the same time, in 2025 the figure may grow by 1. 1%, and not by 1%, as previously expected. IMF analysts have once again revised their assessment of the Russian economy for 2023 for the better. The country's GDP returned to its growth trajectory and added 3%. Fund analysts attribute this to large military expenditures and domestic consumption amid rising wages.