IMF managing director Kristalina Georgieva told CNN that Russia’s economy would suffer over time as workers emigrated and access to technology was cut off, and as sanctions on its vast energy industry took a toll
But Kristalina Georgieva, the IMF’s managing director, told CNN’s Poppy Harlow that the economic outlook for Russia beyond 2023 is “quite devastating.” “When you take our projections over a medium term, what they mean is Russia[’s economy] shrinking by at least 7%,” Georgieva said in an interview that aired Wednesday. In January, the IMF projected that Russia’s economy would expand by 0.3% this year and 2.1% the next.
“That is not going to be a lasting impact for the Russian economy.” “We don’t see Russia in any way benefiting from what they have caused to Ukraine and to themselves.” Following Europe’s recent import bans on seaborne Russian crude and oil products, Moscow’s finances have shown signs of strain. On Monday, the Russian government reported a budget deficit of 2.58 trillion rubles for January and February, compared with a surplus of 415 billion rubles in the same period in 2022.
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