The International Monetary Fund (IMF) will update its economic outlook for Russia later in July given that the impact of the conflict in Ukraine is milder than previously expected, IMF spokesperson Julie Kozack said on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 13th July, 2023) The International Monetary Fund (IMF) will update its economic outlook for Russia later in July given that the impact of the conflict in Ukraine is milder than previously expected, IMF spokesperson Julie Kozack said on Thursday.
"We will have an update about Russian growth forecast in the context of the World Economic Outlook (WEO) update, which will be published later this month," Kozack said during a press briefing.
The IMF spokesperson pointed out that the impact of the conflict in Ukraine on the Russian economy has been substantial but milder than previously expected.
"In 2023, our last forecast had growth in the positive range of 0.7%. However, in the medium term, the Russian economy will be hampered by the departure of multinationals, the loss of human capital, its disconnection from global financial markets, reduction in its policy buffers," Kozack said.
The IMF expects that the output in Russia over the medium term will be 7% lower than the pre-conflict forecast, Kozack added.
