Business

IMF Predicts Russian Economic Growth To Surpass All Advanced Economies

The International Monetary Fund (IMF), has forecasted that Russia’s economy will outpace all advanced economies, including the US, this year.

The IMF anticipates a growth rate of 3.2% for Russia in 2024, significantly surpassing projections for the UK, France, and Germany.

Factors contributing to Russia’s growth include steady oil exports and high government spending, according to the IMF.

Despite facing sanctions over its invasion of Ukraine, the IMF upgraded its predictions for the Russian economy this year, citing investments from corporate and state-owned enterprises, robust private consumption, and strong oil exports.

However, the IMF downgraded growth forecasts for Europe and the UK, with the UK projected to be the second weakest performer in the G7 group of advanced economies, behind Germany.

British Politician and Chancellor of Exchequer, Jeremy Hunt noted the UK’s expected turnaround, highlighting lower predicted inflation and faster growth compared to major European economies.

Economists at the IMF also cautioned about potential threats to the global economy, including escalating conflicts in the Middle East and continued disruptions from incidents such as attacks on ships in the Red Sea and the ongoing war in Ukraine.

They warned that further escalation could lead to rising food, energy, and transport costs, particularly impacting lower-income countries.

Chioma Kalu

Follow us on:

AriseNews

Recent Posts

Victor Okhai: Trump’s Presidency Could Be a Game-Changer, Cause Nigeria To Look Inward And Break Free From Foreign Aid Dependency

Victor Okhai has argued that Trump’s presidency could encourage Nigeria to reduce foreign aid reliance…

42 mins ago

Equatorial Guinea Suspends Officials Involved In Sexual Misconduct In Government Offices

Equatorial Guinea's VP has announced the suspension of officials involved in sexual misconduct within government…

47 mins ago

IGP Egbetokun Orders Investigation Into Treatment Of Minors In Police Detention

Following outrage over the arraignment of minors, IGP Egbetokun has directed a probe into minors’…

1 hour ago

Voting Begins in US Presidential Election As Trump And Harris Face Off

Americans are headed to the polls to choose the next president in a tightly contested…

3 hours ago

Court Dismisses Case Against Protesters Charged Over Protests, Releases Minors Charged With Treason

An Abuja court has struck out the case against #EndBadGovernance protesters as the AGF discontinued…

4 hours ago

Britain Detects Two Additional Cases Of New Mpox Variant, Total Reaches Three

The UK has confirmed two more cases of the new mpox variant, clade Ib

5 hours ago