RPT-IMF trims Russian 2022 GDP growth forecast, slightly raises 2023 prediction

Reuters
·1 min read

(Repeats to additional readers, no change to content of story)

MOSCOW, Jan 25 (Reuters) - The International Monetary Fund on Tuesday cut its forecast for Russian economic growth this year by 0.1% to 2.8% but said it now expected the country's gross domestic product (GDP) to expand by 2.1% in 2023, up 0.1% from its previous forecast.

The Russian economy is projected to have grown by 4.5% last year versus a 2.7% contraction in 2020, when it was hit by low oil prices and the global coronavirus pandemic. The final figures are yet to be released.

"In Russia, the forecast is marginally marked down because of a weak harvest and a worse-than-expected third wave (of the pandemic)," the IMF said in its outlook.

Pandemic and inflation risks may hinder Russia's economic recovery, according to the World Bank, which has said it expects Russia's GDP to grow by 2.4% this year, easing to 1.8% in 2023.

(Reporting by Katya Golubkova Additional reporting by Andrey Ostroukh Editing by Gareth Jones)

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