Despite the war and sanctions, the Russian economy should bounce back in 2023, with the International Monetary Fund (IMF) expecting growth of 0.7% this year, better than the 0.4% forecast three months ago, according to the latest projections released on Tuesday. .

With a sharp contraction in its GDP forecast in 2022 of 6%, Russia “only” ended the year with a 2.2% recession.

And in 2023, the situation looks better: Last October, IMF forecasts predicted a 2.3% slowdown, while at the previous update, in January, it expected a modest growth of 0.3%.

“Russia was able to maintain momentum [de 2022] Having delivered very strong financial performance last year, we expect that to continue this year.IMF Chief Economist Pierre-Olivier Gourinchas explained during a telephone press conference.

The country has accelerated its public spending, ending with a deficit of 2.2% of GDP in 2022, despite significant tax revenues linked to the sale of hydrocarbons, against the backdrop of a general increase in energy prices. “I think Russia used the fiscal space it needed to support its economy, but a significant portion of its fiscal spending was actually military spending.”Detailed Petya Koeva Brooks, Deputy Director of the IMF’s Research Department.