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.
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.