IMF upgrades Russian economic forecast to positive growth, while the UK slides into recession

Britain faces the bleakest two years of any major industrial nation with a recession in 2023 and the slowest growth of peers in 2024, the International Monetary Fund predicts.
Britain faces the bleakest two years of any major industrial nation with a recession in 2023 and the slowest growth of peers in 2024, the International Monetary Fund predicts.

The International Monetary Fund has revised upwards its estimate of Russian economic development, projecting GDP to grow by 0.3% this year, and 2.1% in 2024.

According to the fund’s World Economic Outlook update published on Monday, Russia’s GDP fell by 2.2% last year. In its October forecast, the IMF reported that the decline was expected to be 3.4%. For this year, the fund previously predicted a drop of 2.3%, and for 2024, a 2.1% decline.

The IMF’s estimates are beginning to converge with Russian forecasts, the press service of the Ministry of Economic Development told RBK business daily following the release of the report.

“Indeed, the Russian economy is confidently overcoming the sanctions barriers of unfriendly countries. In 2023, further economic recovery will depend on the improvement of consumer demand, as well as measures to ensure the growth of corporate and consumer lending,” the ministry stated.

Earlier this month, President Vladimir Putin stated that the Russian economy is in better shape than previously expected, and is on course for further stabilization. He added that the Western sanctions and international pressure have failed to seriously harm the economy, and the results have shown this.

Meanwhile, back in the heart of Nato-stan

The British economy will perform worst among the major industrialized nations, the International Monetary Fund has predicted. The UK will be the only G7 member to face a recession in 2023, falling behind the Russian economy, the IMF said in its World Economic Outlook update, published on Tuesday.

In its latest report, the IMF again sharply downgraded its forecast for the UK, predicting the economy will contract by 0.6% against the 0.3% growth expected last October. That places the expected performance even lower than sanctions-hit Russia, which is projected to expand by 0.3% after contracting 2.2% in 2022. A UK recession this year would be the first, excluding the pandemic, since the financial crisis in 2009.

Among the other G7 nations, the IMF’s 2023 GDP predictions show growth of 1.4% in the US, 0.1% in Germany, 0.7% in France, 0.6% in Italy, 1.8% in Japan and 1.5% in Canada.

The IMF stated that while the prospects for other G7 members had improved or remained unchanged since October, the forecast for the UK looks gloomier due to surging interest rates and rising taxes. This, along with the government’s spending restraint will exacerbate the cost-of-living crisis.

“Tighter fiscal and monetary policies and financial conditions and still-high energy retail prices weighing on household budgets” have eroded the country’s GDP, the IMF said.

Raging inflation, running above 10% and more than five times the Bank of England’s 2% target, has undermined household spending power, squeezing demand and dragging down the economy, the report concluded. [IMF, Independent]

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  1. It is even hard to find words for what the west became. Dirt, stench, misery, ruin, boority, dumbness, cowardice, idiocy, enormous patheticness breaking records one by one and generally one huge fall in all fields. Shame and disgrace. And even despite all this the blatant gutter propaganda dares to say that it is Russia who is ruin and totalitarianism, and the west is the angelic, super rich and super powerful paradise. It is exactly the opposite. Despite all pathologies and scandals Russia is probably the most free and liberal country in the world.

  2. Aside:

    Would love to see a cage fight between Putin vs. BozoBiden. Joe would be taken out to the woodshed, and squashed like a cockroach.

  3. The basterds running the Presidency, not Joey ‘no brains’ Biden, are deliberately destroying America in an attempt to take over Free America…but WE the People have 600 MILLION + weapons AND BILLIONS of rounds of ammo.

  4. Going to be a new Sheriff in town. Molocks losing control of the world. Only I also think all of Europe will be in recession or worse. Let’s see what the Fed decided today.

    • UK bent over for enslavement. They assimilated into the 3rd world they opened their borders to a long time ago. Not supposed to assimilate to the invading culture. Invaders are supposed to assimilate to their new culture. America is almost there too.

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