Russia is expected to grow faster than all advanced economies this year

Russia’s economy is forecasted to grow faster than advanced economies this year, according to the International Monetary Fund (IMF). The IMF’s latest World Economic Outlook projects Russia’s growth rate at 3.2% in 2024, surpassing the growth rates of major advanced economies such as the U.S., U.K., Germany, and France. This prediction may be seen as frustrating to Western nations that have imposed economic sanctions on Russia following its invasion of Ukraine in 2022. Russia attributes its economic resilience to self-sufficiency, high oil prices, continuing exports, alleged sanctions evasion, and a booming military industry. The IMF expects Russia’s economic growth to moderate in 2025. The managing director of the IMF, Kristalina Georgieva, has raised concerns about the Russian economy, highlighting factors such as high production and low consumption, skilled worker exodus, reduced access to technology due to sanctions, and worker shortages.