International Monetary Fund lowers growth forecast for Russia

The IMF’s July update to its World Economic Outlook revise the forecast for Russia’s projected 2019 growth down from 1.6 % in April to 1.2 % currently. The updated growth forecast for 2020 is 1.9 %.

The Fund, as well as all major institutions, expect Russian growth to accelerate slightly next year on higher public spending. The European Bank for Reconstruction and Development (EBRD) notes that growth this year has been restrained by such factors as the hike in value-added tax rates at the start of the year.

The IMF’s July update lowers the growth projections for China and India in 2019 and 2020. The global growth outlook was also reduced a bit.

 GDP growth forecasts