Vladimir Putin's war with Ukraine is boosting Russia's economy, IMF says

• The International Monetary Fund raised its 2024 forecast for Russia's economy.
• It now expects the economy to expand by 2.6% this year.
• High military spending is one factor driving growth, the IMF said.

Vladimir Putin's ongoing war with Ukraine is boosting Russia's economy, the International Monetary Fund said.

In an update to its World Economic Outlook issued Tuesday, the IMF raised its 2024 growth forecast for Russia from 1.1% to 2.6%. That's the biggest increase it made for any country.