"…our international growth projections for both this year and next are downgraded to 3.7 percent, 0.2 percentage point below our last assessments and the same rate achieved in 2017," the report says. "At the global level, recent data show weakening in trade, manufacturing, and investment. Overall, world economic growth is still solid compared with earlier this decade, but it appears to have plateaued," the October WEO stresses. The April 2018 WEO projected global growth to rise to 3.9 percent in both 2018 and 2019.
According to the report, the current changes in projections for Russia are largely supported by higher oil prices and recovering domestic demand.
Priority areas in Russia to ensure further economic growth "include improving property rights and governance, enhancing the institutional infrastructure, reforming labor markets, and investing in innovation and infrastructure," the report says.
"Oil prices are expected to average $69.38 a barrel in 2018 (higher than the April 2018 WEO projection of $62.30 and the 2017 price of $52.80 a barrel). Global oil supply is expected to gradually increase over the forecast horizon, lowering oil prices to $68.76 a barrel in 2019, and further to about $60 a barrel in 2023," the report says.
In July, the IMF projected an increase in the average price of oil, expecting them to amount to $70.23 in 2018 and $68.99 in 2019.