Russia’s economy to outperform US in 2years

The International Monetary Fund (IMF) has released a report indicating that Russia’s economy is poised to grow faster than that of the United States in 2024. The report cites the invasion of Ukraine by Vladimir Putin in February of 2022 as the primary catalyst for tough economic sanctions imposed on Russia by Western countries, causing the country’s gross ussidomestic product (GDP) growth to dip into negative territory (-2.2%) in 2022.

However, the IMF predicts a rebound in the Russian economy, with a predicted 0.3% growth in 2023 and a 2.1% growth in 2024. This growth rate outpaces the IMF’s projections for the United States, which are expected to see a 1% growth in 2024, down from 1.4% in 2023 and 2% in 2022.

The IMF attributes the global subpar economic growth to factors such as the ongoing conflict in Ukraine and higher interest rates by central banks. Despite this, the fund notes that Europe has shown resilience, with economic growth in the region being “more resilient than expected” in the face of the “terms-of-trade” shock from the war.

The IMF has raised its outlook for global growth in 2023 to 2.9%, down from 3.4% in 2022. The fund predicts that GDP will rise to 3.1% in 2024.