IMF Forecasts Strong 2023 Russian Growth Despite Sanctions
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The IMF forecasts Russia's economy will grow 2.6% in 2023, outpacing U.S. growth of 2.1%. This is a major upgrade from previous IMF predictions.
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The IMF says its new forecast is "preliminary" and it is still verifying Russian economic data, which some analysts claim cannot be trusted.
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Russia's economy has been boosted by stimulus spending, especially on defense to fund the Ukraine war, as well as strong commodity export revenues.
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However, the Russian central bank governor has warned of overheating risks from excessive government subsidies and military spending.
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The West's sanctions aim to isolate Russia but have also impacted European access to Russian energy, benefiting importers like China and India.