The International Monetary Fund (IMF) has determined that Russia's economy is recovering faster than expected, IMF Economic Counselor Gita Gopinath told reporters on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 27th July, 2021) The International Monetary Fund (IMF) has determined that Russia's economy is recovering faster than expected, IMF Economic Counselor Gita Gopinath told reporters on Tuesday.
In its updated World Economic Outlook, released earlier in the day, the IMF has changed upward the economic outlook for Russia to 4.4 percent for 2021 from the 3.8 percent forecast in April.
"In the case of Russia, we have seen faster recovery. For the first quarter GDP growth came in stronger than we were expecting," Gopinath said.
Russia still faces challenges as the coronavirus pandemic is not over, she said.
Gopinath urged Russia to do more to speed up the level of vaccination.
The IMF also decreased its forecast for Russia for 2022 to 3.1 percent from the 3.8 percent forecast in April.
"We expect the growth to moderate next year," Deputy Director of the Research Department Petya Koeva Brooks said.
