BAKU, Azerbaijan, January 30. Russia's GDP growth is projected to stands at 2.6 percent in 2024, Trend reports.
Thus, the International Monetary Fund (IMF) has sharply revised the country's economic growth from 1.1 percent projected in October 2023.
As per the IMF, this significant upward revision is a result of the positive momentum carried over from the unexpectedly robust growth in 2023. This was driven by substantial increases in military spending and private consumption, further supported by wage growth in a constrained labor market.
Looking into 2025, the fund indicates that Russia's economic growth is expected to reach 1.1 percent.
In October 2023, the Russian Central Bank stuck with its prediction for Russia's GDP growth in 2024, keeping it within the 0.5-1.5 percent range.