BRICS Founder Russia’s economy is expected to grow faster than all advanced economies this year, according to the International Monetary Fund. A new report from the IMF suggests that Russia’s economy is one of the strongest and most promising in 2024.
Russia is expected to grow 3.2% in 2024, the IMF said in its latest World Economic Outlook published Tuesday. This exceeds the forecast growth rates for the world’s most advanced economies, including the U.S. This news will be rough for Western nations who were hoping that Russia would suffer following its invasion of Ukraine. Meanwhile, Russia’s economic growth will prove an inspiration for nations eying to join the BRICS economic bloc and grow as Russia expects to in 2024.
Following the emergent success of the BRICS bloc, 40 nations are reportedly now seeking alliance entry in 2024. All of these nations will see Russia’s economic growth and hope to do the same by joining the bloc.
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Following a battle with inflation, the global economy is hoping to finally rebound in 2024. Global inflation is forecast to decline from 6.8 percent in 2023 to 5.9 percent in 2024 and 4.5 percent in 2025. That is according to date from the IMF. Advanced economies like Russia expect to return to their inflation targets sooner than emerging markets and developing economies.