“Higher than countries in the G7 Group.” The International Monetary Fund draws an optimistic view of the economies of Russia and Saudi Arabia

Washington – The International Monetary Fund has revised its expectations for the development of global economies in the years 2024 and 2025, and according to the international institution, the economies of Russia and Saudi Arabia will grow this year at a higher pace than countries in the G7 group.

In its report on the World Economic Outlook, the Fund expected the Russian economy to grow by 3.2% this year and the Saudi economy by 2.6%.

According to the Fund’s estimates, Russia will grow at a higher pace than all the G7 countries, while the Kingdom’s economy will grow at a higher pace than countries in the group such as Italy, France, the United Kingdom, Japan, and Germany.

As for the G7 Group, the Fund expects the United States economy to grow this year by 2.7%, while Canada will record the second best performance in the group, with a growth of 1.2%.

He added that Germany’s economic growth will be the weakest among the group’s countries, as it is expected to grow by 0.2%. Japan is expected to see growth of 0.9%, while the UK is set to expand by 0.5%.

Regarding the global economy, the Fund stated that the basic scenario forecasts indicate continued growth of the global economy by 3.2% during the years 2024 and 2025, that is, at the same pace as 2023.

Russia:

The International Monetary Fund improved its forecasts for the performance of the Russian economy for the years 2024 and 2025 and expected Russian gross product to grow by 3.2% this year, and 1.8% next year.

Thus, the international institution has increased its forecast for the growth of the Russian economy this year by 0.6% to 3.2% from last January’s forecast of 2.6%.

For the next year, 2025, the International Monetary Fund improved its expectations by 0.7% to 1.8% from 1.1% it had expected regarding 3 months ago.

Saudi Arabia:

The International Monetary Fund raised its growth forecast for the Saudi economy by regarding 0.5% to 6% during the year 2025, from 5.5% it had expected last January.

The Fund also expected the Kingdom’s economy to grow by 2.6% during the current year 2024, compared to its previous forecast issued last January of 2.7%.

Source: Agencies