IMF raises Russian GDP growth forecast to 3.6% in 2024, leaves global growth at 3.2%

MOSCOW. Oct 22 (Interfax) - The International Monetary Fund has raised its forecast for Russian GDP growth in 2024 to 3.6%, from the 3.2% it was predicting in July, the IMF said in its October World Economic Outlook, published on Tuesday.

The global economic growth forecast for 2024 is still 3.2%.

The IMF left its forecast for both Russian and global economic growth unchanged its July review.

The 2025 Russian growth forecast was lowered to 1.3% from 1.5%.

The IMF is now forecasting lower growth than the 3.9% and 2.5% that the Russian Economic Development Ministry is predicting for 2024 and 2025, respectively. The IMF's forecasts are within the Central Bank of Russia's forecast ranges of 3.5%-4.0% for 2024 and 0.5%-1.5% for 2025.

The IMF's global growth forecast for 2025 was lowered 0.1 pp to 3.2%.

The global inflation forecasts for 2024 and 2025 were lowered 0.1 pp to 5.8% and 4.3%, respectively.