The IMF’s estimates of Russian GDP are inconsistent and reinforce Putin’s propaganda

The International Monetary Fund forecasts growth of 0.7 percent. The paradox is that the Kremlin is much less optimistic. Because there are good reasons to doubt Russian growth: -2.5 per cent for the OECD, -0.2 per cent for the World Bank, -1.1 per cent for the Russian Central Bank

The International Monetary Fund (IMF) expects Russia to grow by 0.7 percent, up 0.4 points from the January forecast, forecasting a performance superior to many European countries. The forecast lends support to Vladimir Putin’s story, who on Tuesday welcomed internal data indicating the “strengthening positive trends” of the Russian economy. The paradox is that the Kremlin, which forecast a 0.8 percent recession for 2023, now estimates a +0.1-0.2 percent: therefore the IMF’s forecasts are far more optimistic than those of the authorities Russian.