The International Monetary Fund recovered guess In the Russian economy – in 2023 it will grow by 0.3% of GDP. In October last year, the IMF had expected the Russian economy to contract by 2.3%.
In 2022, Russia did not experience the 3.4% economic recession predicted by the IMF (October report). GDP fell, but only by 2.2%, followed by “moderately positive growth.”
In 2024, the economy will grow by 2.1% this year, which is 0.6% better than the October forecast.
“As Russian trade is rerouted to non-sanctioned countries, the oil price ceiling set by the G7 will not have a significant impact on Russia’s oil export volume,” the IMF said.
“Overcoming Barriers”
The Ministry of Economy of the Russian Federation is confident that the improvement in the IMF forecast shows that the Western sanctions against Russia have been overcome. In the future, the situation will depend on the recovery of consumer demand and measures to ensure credit growth.
“In fact, the Russian economy confidently overcomes the sanctions barriers of unfriendly countries. Further economic recovery in 2023 will depend on the recovery of consumer demand as well as measures to ensure the growth of both corporate and consumer loans.” red blood cell inside the section.
The Ministry of Economy noted that the 2023 and 2024 forecasts will be further refined “in line with the regulations under the scenario conditions for the socio-economic development forecast”.
“Hell Sanctions Don’t Work”
Dmitry Medvedev, Deputy Chairman of the Security Council, commented on the improvement in Russia’s GDP forecast and pointed out that the sanctions policy of Western countries was ineffective.
“Enemy countries do not have the courage to admit that the “hell” sanctions have failed miserably. Not working. “The vast majority of industrial products and consumer goods have been replaced by ours, Russian and missing ones – Asian brands,” he said.
Medvedev added that Russians can buy “the same Western brands” through parallel imports, while owners of these brands get nothing.
According to him, the United States “makes money from a humiliated Europe” and he, too, “is suffering and losing money.”
“It remains only to accept the rules on the use of their intellectual property. Without paying any license and royalty fees. This, among other things, will be our retaliatory sanctions against property rights,” he says. Telegram.
World GDP
World GDP increased by 3.4% last year. The forecast says that in 2023 the indicator could drop to 2.9%, in 2024 it will increase slightly to 3.1%.
The dynamics in 2022 has been affected by the global fight against inflation, the conflict in Ukraine and the increase in COVID-19 cases in China, the first two factors will remain in effect in 2023. The European Union will face difficulties in filling its gas storage facilities, mainly due to cold weather conditions and reduced supply from Russia due to strong demand in China.
“Global inflation will fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024, and will remain at around 3.5%, still at pre-pandemic (2017-2019) levels. “It will be over,” he says.
In 2023, the price of oil could drop 16% to $81 a barrel.
US and PRC GDP
According to the document, US GDP in 2023 will grow by 1.4%, which is 0.4% higher than the October forecast.
US economic growth forecast for 2024 worsens: IMF forecasts 1% growth, 0.2% lower than October forecasts.
China’s GDP growth in 2023 will be 5.2 percent, an increase of 0.8 percentage points from the previous forecast. Growth in 2022 – 3%, in 2024 – 4.5%.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.