IMF Upgrades Forecast For Russia's Economic Growth To 3% In 2021 And 3.9% In 2022 - Report

Sumaira FH Published January 26, 2021 | 06:30 PM

MOSCOW (UrduPoint News / Sputnik - 26th January, 2021) The International Monetary Fund (IMF) in a report on Tuesday upgraded the forecast for Russia's economic growth this year by 0.2 percentage points to 3 percent as the launch of vaccination programs worldwide is expected to boost economic activities.

The fund has also upgraded the forecast for Russia's economic growth in 2022 by 1.6 percentage points to 3.9 percent, while last year Russia's economy fell by 3.6 percent, the IMF said in the World Economic Outlook Update report.

At the same time, the IMF has also upgraded the forecast for the US economy by 2 percentage points to 5.1 percent in 2021, while the 2022 forecast for the United States has been downgraded by 0.

4 percentage points to 2.5 percent. In 2020, the US economy shrank by 3.4 percent.

As for China, the forecast for economic growth has been downgraded by 0.1 percentage points to 8.1�percent in 2021 and by 0.2 percentage points to 5.6 percent in 2022. Despite the outbreak of COVID-19, China's economy in 2020 grew by 2.3 percent, according to the IMF figures.

The 2021 forecast for Euro Area's economic growth has been also downgraded by the IMF by 1 percentage point to 4.2 percent, while the 2022 projection was upgraded by 0.5 percentage points to 3.6 percent. The Euro Area has suffered greatly from the COVID-19, catching a contraction of 7.2 percent in 2020.