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IMF Revises 2024 Russian Growth Forecast to 2.6% from 1.1%

RUSSIA
  • The IMF has significantly revised higher its 2024 growth forecast for Russia, from 1.1% to 2.6%, which is notably higher than the forecasts of both Russian and international analysts.
  • Russia's banking sector will see its combined net profit drop to RUB 2.5trln this year from the record RUB 3.3trln it earned in 2023, the Central Bank expects. The regulator sees this as a normalization following an anomalous year, Vedomosti write.
  • Weekly CPI data and Industrial Production data (Est: +3.6% y/y; Prior: +4.3% y/y) are on the docket at 16:00GMT/19:00 local time.

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