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A prominent global organization has projected Russia's economy to outpace all advanced economies, including the United States, this year.
The International Monetary Fund (IMF) anticipates a growth rate of 3.2% for Russia in 2021, surpassing that of the United Kingdom, France, and Germany.
The IMF attributes this growth to stable oil exports and high government spending. In contrast, the IMF describes the world economy as remarkably resilient, as it managed to avoid a recession and the banking system demonstrated resilience.
The IMF's forecasts for growth in advanced economies have proven to be accurate within a margin of 1.5 percentage points. Despite facing sanctions due to its invasion of Ukraine, the IMF has revised its predictions for Russia's economy upward for this year.
While growth is expected to decline in 2025, it will still be higher than previously anticipated at 1.8%.
The IMF credits this growth to investments from corporate and state-owned enterprises, robust private consumption within Russia, and strong oil exports.
On a broader scale, the IMF has downgraded its growth forecasts for Europe and the United Kingdom, with the UK projected to be the second weakest performer among the G7 economies, trailing behind Germany.
However, the IMF expects the UK's growth to improve to 1.5% by 2025, placing it among the top three performers in the G7. Additionally, the IMF predicts that the UK will experience the highest inflation among G7 economies in 2023 and 2024.
