Russia's economy is expected to contract by six percent this year, according to the International Monetary Fund.
The International Monetary Fund said that Russia's crude-oil and energy exports have been holding up better than anticipated.
Growth is expected to be 3.2% this year, down from 6.1% in 2021.
The International Monetary Fund's World Economic Outlook report stated that Russia's economy is holding up better than anticipated.
Russia's economic forecast has been upgraded by the International Monetary Fund despite the country's economy still contracting.
The International Monetary Fund stated in its report that Russia's crude-oil and non-energy exports have been holding up better than anticipated. The International Monetary Fund said that domestic demand is showing some resilience because of the effect of the sanctions on the domestic financial sector.
Pierre-Olivier Gourinchas, the chief economist of the International Monetary Fund, told the Agence France-Presse that the recession in Russia will be large. Russia's economy is expected to contract by 3.5% in 2023, down from the International Monetary Fund's April forecast of a 2.3% contraction, according to Gourinchas.
The global growth outlook has been lowered by the International Monetary Fund due to higher-than- expected inflation, a slowdown in China, and the impact of the war in Ukraine.
Europe's growth is affected by the possibility of a Russian natural-gas supply halt, as countries in the region are heavily dependent on fuel imports. The euro-zone's GDP is expected to grow at a slower rate this year than in the past.
The US economy is expected to grow 2.3% this year, down from 5.7% in the previous year.
Gourinchas said that the world may soon be on the edge of a global recession.
Twice a year, the World Economic Outlook is published by the International Monetary Fund. Data and projections from 196 economies are used to create them.
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