Page 43 - RusRPTMay21

The upward revision for Russia came as the IMF revealed a more optimistic forecast for the global economy amid vaccine rollouts. The fund now expects it to expand by 6% in 2021.
The fund said that Russia’s fiscal policy was countercyclical in 2020. It also revised the figures for the crisis year, when Russia, like most countries, implemented lockdowns to prevent the spread of the coronavirus. According to its latest estimates, the Russian economy shrank 3.1%, not the previously reported 3.6%.
“There will be some degree of consolidation in 2021 in line with economic recovery, and the deficit is likely to come back to the fiscal rule’s limit in 2022,” the IMF said.
After the new economic outlook was released, IMF Executive Director for Russia Aleksei Mozhin said he expects the Russian economy to outpace its pre-crisis pace of growth in 2021 and 2022. He explained the growth potential by the rather slow development of the Russian economy before the pandemic hit, along with an expected rebound after the recent downturn.
The IMF improved projections for the Russian economy shortly after the World Bank did the same. However, the World Bank is less optimistic, projecting the country’s GDP to grow by 3.3% this year and 3.4% next year.
The International Monetary Fund (IMF) said on April 5 it expects the global economy to grow by 6% in 2021, up from its 5.5% forecast in January. The stronger economic recovery was projected due to coronavirus vaccine rollouts, RT writes. “Even with high uncertainty about the path of the pandemic, a way out of this health and economic crisis is increasingly visible,” Gita Gopinath, the IMF’s chief economist, said in the latest World Economic Outlook report. The global GDP (gross domestic product) for 2022 is seen increasing by 4.4%, higher than an earlier estimate of 4.2%. This follows an “estimated contraction of -3.3% in 2020.”
43 RUSSIA Country Report May 2021 www.intellinews.com