The International Monetary Fund (IMF) has projected that Russia's economy will grow faster than all of the world's advanced economies, including the US, this year. IMF forecasts, BBC reported on Tuesday, show that Russia will record a 3.2% growth, significantly more than the UK, France and Germany. The country's oil exports have held steady and government spending has remained high contributing to growth, the IMF said. Overall, it said the world economy had been remarkably resilient. Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops, the IMF said. Despite Russia facing thousands of sanctions over the conflict with Ukraine, the IMF upgraded its January predictions for its economy this year, and said while growth would be lower in 2025, it would be still be higher than previously expected at 1.8%. The IMF downgraded its forecasts across Europe and for the UK this year, predicting a 0.5% growth for Britain this year.
