Russia Economy Shows Signs of Improvement After Stagnation - IMF Chief

© AFP 2022 / ALEXANDER NEMENOVA Russian ruble coin is pictured in front of St. Basil cathedral in central Moscow
A Russian ruble coin is pictured in front of St. Basil cathedral in central Moscow - Sputnik International
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IMF chief Christine Lagarde said that the economies of Russia and Brazil were showing signs of improvement.

WASHINGTON (Sputnik) — The economic conditions in Russia continue to improve after a period of stagnation, International Monetary Fund (IMF) Managing Director Christine Lagarde said on Wednesday.

"Russia and Brazil are showing some signs of improvement after a period of severe contraction," Lagarde said at Northwestern University in Chicago, Illinois.

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Earlier in September, the IMF said he economic contraction in Russia has reached its bottom and the country's economic outlook has started to improve.

On July 13, the IMF revised its projections for Russia's future economic growth and said it expects the country's GDP to remain at negative 1.2 percent. In May, the IMF anticipated a 1.5 percent decline in GDP for the rest of the year.

The revision was due to the oil market recovery that began in February, when non-OPEC nations slowed production, according to the IMF.

 

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