IMF forecasts Russian GDP growth by 7% in 2007

WASHINGTON, October 17 (RIA Novosti) - The new International Monetary Fund (IMF) World Economic Outlook report said Russia's GDP will grow by 7% in 2007.

"China's economy gained further momentum, growing by 11.5 percent, while India and Russia continued to grow very strongly. These three countries alone have accounted for one-half of global growth over the past year," the report said.

The IMF said that stable growth continued in other emerging market and developing countries including African nations with low incomes. The report continued saying that "growth in the euro area and Japan slowed in the second quarter of 2007 after two quarters of strong gains".

The report also said the growth averaged 2.25 % in the United States in the first half of 2007 due to the housing downturn.

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