{"id":3745,"date":"2024-04-17T14:58:59","date_gmt":"2024-04-17T14:58:59","guid":{"rendered":"https:\/\/sotnews.agency\/?p=3745"},"modified":"2024-04-17T15:20:15","modified_gmt":"2024-04-17T15:20:15","slug":"russia-to-grow-faster-than-all-advanced-economies-says-imf","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=3745","title":{"rendered":"Russia to grow faster than all advanced economies says IMF"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 42 Second <\/div>\n\n <\/div>

An influential global body has forecast Russia\u2019s economy will grow faster than all of the world\u2019s advanced economies, including the US, this year.\u00a0<\/p>\n

The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany.\u00a0<\/p>\n

Oil exports have \u201cheld steady\u201d and government spending has \u201cremained high\u201d contributing to growth, the IMF said.<\/p>\n

Overall, it said the world economy had been \u201cremarkably resilient\u201d<\/p>\n

\u201cDespite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops,\u201d the IMF said.<\/p>\n

The IMF is an international organisation with 190 member countries. They are used by businesses to help plan where to invest, and by central banks, such as the Bank of England to guide its decisions on interest rates.<\/p>\n

The group says that the forecasts it makes for growth the following year in most advanced economies, more often than not, have been within about 1.5 percentage points of what actually happens.<\/p>\n

Despite the Kremlin being sanctioned over its invasion of Ukraine, the IMF upgraded its January predictions for the Russian economy this year, and said while growth would be lower in 2025, it would be still be higher than previously expected at 1.8%.<\/p>\n

Investments from corporate and state-owned enterprises and \u201crobustness in private consumption\u201d within Russia had promoted growth alongside strong exports of oil, according to Petya Koeva Brooks, deputy director at the IMF.\u00a0<\/p>\n

Russia is one of the world\u2019s biggest oil exporters and in February, the BBC revealed millions of barrels of fuel made from Russian oil were still being imported to the UK despite sanctions.<\/p>\n

Away from Russia, the IMF downgraded its forecasts across Europe and for the UK this year, predicting 0.5% growth this year, making the UK the second weakest performer across the G7 group of advanced economies, behind Germany.<\/p>\n

The G7 also includes France, Italy, Japan, Canada and the US.<\/p>\n

Growth is set to improve to 1.5% in 2025, putting the UK among the top three best performers in the G7, according to the IMF.<\/p>\n

However, the IMF said that interest rates in the UK will remain higher than other advanced nations, close to 4% until 2029.<\/p>\n

The group\u00a0expects the UK to have the highest inflation of any G7 economy in 2023 and 2024.<\/p>\n

Chancellor Jeremy Hunt said the IMF\u2019s figures showed that the UK economy was turning a corner.<\/p>\n

\u201cInflation in 2024 is predicted to be 1.2% lower than before, and over the next six years we are projected to grow faster than large European economies such as Germany or France \u2013 both of which have had significantly larger downgrades to short-term growth than the UK,\u201d he said.<\/p>\n

Conflict in the Middle East<\/h2>\n

Economists at the IMF warned that if the Israel-Hamas conflict escalates further in the Middle East it could lead to rising food and energy prices around the world.\u00a0<\/p>\n

Continued attacks on ships in the Red Sea and the ongoing war in Ukraine could also affect the so far \u201cremarkably resilient\u201d global economy, it said.<\/p>\n

A potential spike in food, energy and transport costs would see lower-income countries hardest hit, it added.<\/p>

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An influential global body has forecast Russia\u2019s economy will grow faster than all of the world\u2019s advanced economies, including the US, this year.\u00a0 The International Monetary Fund (IMF) expects Russia… <\/p>\n","protected":false},"author":1,"featured_media":3746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-3745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/3745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3745"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/3745\/revisions"}],"predecessor-version":[{"id":3792,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/3745\/revisions\/3792"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/3746"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}