The IMF has improved the forecast for Russia’s GDP growth in 2023

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July 21 Bank of Russia declaredthat the country’s GDP growth rate in 2026 will be 1.5-2.5%. The forecast was made taking into account new data on the dynamics of economic activity in the baseline scenario. According to the forecast, the GDP growth rate will be 1.5-2.5% in 2023, 0.5-2.5% in 2024, 1-2% in 2025. The Central Bank also gave an inflation forecast for 2023. It will accelerate from 5.5 to 5.7%, the regulator believes. On July 21, the Board of Directors of the Central Bank raised the key rate by 1 percentage point at once to 8.5%.

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