AIRLINK 199.10 Increased By ▲ 1.13 (0.57%)
BOP 9.95 Decreased By ▼ -0.09 (-0.9%)
CNERGY 7.55 Increased By ▲ 0.26 (3.57%)
FCCL 39.22 Increased By ▲ 3.22 (8.94%)
FFL 16.76 Decreased By ▼ -0.15 (-0.89%)
FLYNG 27.54 Increased By ▲ 2.50 (9.98%)
HUBC 135.40 Increased By ▲ 1.37 (1.02%)
HUMNL 14.34 Increased By ▲ 0.20 (1.41%)
KEL 4.77 Decreased By ▼ -0.01 (-0.21%)
KOSM 6.79 Decreased By ▼ -0.15 (-2.16%)
MLCF 46.60 Increased By ▲ 1.62 (3.6%)
OGDC 217.30 Decreased By ▼ -0.93 (-0.43%)
PACE 6.99 Increased By ▲ 0.05 (0.72%)
PAEL 41.59 Increased By ▲ 0.17 (0.41%)
PIAHCLA 17.01 Increased By ▲ 0.15 (0.89%)
PIBTL 8.56 Increased By ▲ 0.10 (1.18%)
POWER 9.74 Increased By ▲ 0.35 (3.73%)
PPL 184.25 Decreased By ▼ -1.68 (-0.9%)
PRL 42.45 Increased By ▲ 1.18 (2.86%)
PTC 25.07 Increased By ▲ 0.30 (1.21%)
SEARL 104.50 Decreased By ▼ -0.15 (-0.14%)
SILK 1.01 No Change ▼ 0.00 (0%)
SSGC 40.53 Decreased By ▼ -0.38 (-0.93%)
SYM 17.84 Decreased By ▼ -0.21 (-1.16%)
TELE 8.88 Decreased By ▼ -0.03 (-0.34%)
TPLP 13.03 Increased By ▲ 0.19 (1.48%)
TRG 66.38 Decreased By ▼ -0.22 (-0.33%)
WAVESAPP 11.35 Increased By ▲ 0.05 (0.44%)
WTL 1.77 Decreased By ▼ -0.01 (-0.56%)
YOUW 4.00 No Change ▼ 0.00 (0%)
BR100 12,141 Increased By 31.2 (0.26%)
BR30 36,853 Increased By 255.1 (0.7%)
KSE100 115,167 Increased By 125.2 (0.11%)
KSE30 36,224 Increased By 24.6 (0.07%)

MOSCOW: Russia may see a sharply wider budget deficit and a smaller current account surplus this year, while global isolation and lower energy revenues dampen its economic growth prospects for years to come, the International Monetary Fund said on Tuesday.

The IMF raised its 2023 Russia GDP forecast to growth of 0.7% from 0.3%, but lowered its 2024 prognosis to 1.3% from 2.1%, saying it also expected labour shortages and the exodus of Western companies to harm the country’s economy.

By 2027, the IMF expects Russia’s economic output to be 7% lower than forecasts made before Moscow sent tens of thousands of troops into Ukraine on Feb. 24, 2022, had suggested.

“An exodus of multinationals, loss in human capital, isolation from global financial markets, and impaired access to advanced technology goods and know-how will hamper the Russian economy,” an IMF spokesperson said.

The spokesperson said this has led the IMF to revise down its expectation for Russia’s medium-term potential growth to less than 1%, from 1-1/2% before the conflict began.

China propping up Russia’s economy: NATO chief

“The extent of the medium-term decline, however, is highly uncertain,” the spokesperson added.

Rising military production and huge state spending have helped keep industry buzzing and softened the economic impact of the campaign in Ukraine and of Western sanctions.

An independent study last month suggested Russia’s middle class would shrink as social inequality grows, even if sanctions get relaxed. A return to pre-conflict levels of prosperity remains a long way off.

Comments

Comments are closed.