OREANDA-NEWS  The International Monetary Fund notes the rapid growth of salaries in Russia, Julie Kozak, Director of Communications at the fund, said at a briefing.

"Growth (of the Russian economy. — Ed.) is driven by strong private consumption, supported by a very tight labor market, rapid wage growth and brisk credit growth," she said.

In addition, growth is supported by "strong corporate investments."

For most of 2024, the Russian economy has been experiencing overheating, and in January 2025, the fund plans to update its forecast for economic growth, Kozak added.

In October, the IMF raised its forecast for Russian economic growth in 2024 to 3.6%, but lowered its expectations for 2025 to 1.3%. According to the fund, the decline in GDP growth may be due to a slowdown in private consumption and investment amid softening labor market conditions and weaker real income growth.

The expectations of the Russian authorities are more optimistic. So, Vladimir Putin said on a direct line that the situation in the economy as a whole is stable and reliable, this year GDP growth will be 3.9-4%, and in 2025 it will slow down to 2-2.5%.

Speaking about wages, the Russian leader noted that they increased by nine percent in real terms, that is, minus inflation.