The IMF expects that it will expand by 3.2% this year, much more than the economies of the UK, France, and Germany. Exports of oil have “held steady” and spending from the government has “remained high”, both contributing to growth.

Overall, it said that the global economy had been “remarkably resilient”. The IMF added that despite “many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops.”

The IMF is an international organization consisting of 190 member countries. They are used by businesses to help decide where to invest and by central banks to guide decisions on interest rates. However, the group has said that forecasts they make for growth in most advanced economies are off by around 1.5% most of the time.

Despite Russia being sanctioned due to its invasion of Ukraine, the IMF changed its earlier predictions for growth this year and added that though rates would lower in 2025, they would still be higher than expected at 1.8%.

Large oil exports and “robustness in private consumption” coupled with corporate and state-owned enterprise investments had promoted much growth in the country, according to IMF Deputy Director Petya Koeva Brooks.

Russia, one of the biggest oil exporters, was found to have still been exporting millions of barrels of fuel to the UK despite sanctions through a refinery loophole.