IMF Forecast for 2023: Growth for Russia, Collapse for the U.K.

Back in October, the International Monetary fund (IMF) was forecasting a −2.3% contraction for Russia in 2023; in its latest report, the IMF projects 0.3% growth for Russia, largely because it has succeeded in redirecting its sizeable trade “from sanctioning to non-sanctioning countries.” The U.K., on the other hand, is expected to do worse than all other developed countries, according to the IMF, with a projected GDP contraction of −0.6% in 2023.