IMF Raises Russian GDP Estimates for 2023
The International Monetary Fund (IMF) upwardly revised its GDP estimates for Russia in 2023, despite ongoing sanctions against the country by the United States. A report released Tuesday predicts Russian GDP will increase by 0.7 percent, a slightly more positive outlook than that of the organization’s January report and a significant improvement since the October report predicted a decline of 2.3 percent.
IMF officials pointed to two factors: energy costs and fiscal stimulus.
“There was a very strong source of revenues for the Russian economy from energy exports—very, very high energy prices—and that helped support economic activity,” said Pierre-Olivier Gourinchas, IMF director of research, at a press briefing on Tuesday. “In addition to that, there was a very strong fiscal impulse in Russia in 2022 and continuing into 2023.”…