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Russia’s economy ‘in for very tough times’ despite improved growth outlook, IMF managing director says (www.cnbc.com)

submitted 9 months ago by [email protected] to c/[email protected]

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In late January, the International Monetary Fund more than doubled its forecast for the pace of the country’s economic growth this year, raising it from 1.1% in October to 2.6%.

Despite this, IMF Managing Director Kristalina Georgieva sees more trouble ahead for the country of roughly 145 million.

“What it tells us is that this is a war economy in which the state — which let’s remember, had a very sizeable buffer, built over many years of fiscal discipline — is investing in this war economy. If you look at Russia, today, production goes up, [for the] military, [and] consumption goes down. And that is pretty much what the Soviet Union used to look like. High level of production, low level of consumption.”

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