off-the-wire

Russia may see wider 2023 budget deficit, lower growth for years to come -IMF

Kitco Media
By Reuters
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Reuters



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This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine


MOSCOW, April 11 (Reuters) - Russia may see a sharply wider budget deficit and a smaller current account surplus this year, while global isolation and lower energy revenues dampen its economic growth prospects for years to come, the International Monetary Fund said on Tuesday.


The IMF raised its 2023 Russia GDP forecast to growth of 0.7% from 0.3%, but lowered its 2024 prognosis to 1.3% from 2.1%, saying it also expected labour shortages and the exodus of Western companies to further harm the country's economy.


By 2027, the IMF expects Russia's economic output to be 7% lower than forecasts made before Moscow sent tens of thousands of troops into Ukraine on Feb. 24, 2022, had suggested.
(Reporting by Alexander Marrow Editing by Gareth Jones)

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