The IMF estimates Russia's economy will grow faster than the likes of the US, UK and Germany this year.

An influential global body has forecast Russia’s economy will grow faster than all of the world’s advanced economies, including the US, this year.

The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany.

Oil exports have “held steady” and government spending has “remained high” contributing to growth, the IMF said.

Overall, it said the world economy had been “remarkably resilient”

“Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops,” the IMF said.

  • Buffalox@lemmy.worldEnglish
    60·
    8 months ago

    Russia is keeping the economy going by burning money on the war.
    Maybe 3.2% growth is a bit better than expected, but investments can’t be good with high National Bank interest rates, and AFAIK inflation is still hurting consumers in Russia. Consumer spending remains high, mostly because essentials is a high share of consumption.

    Just because Russia has decent economic growth on paper, doesn’t mean the economy is actually good or healthy if it’s based on deficits.