Key Events Around Globe that Investors Should Know: Jan 20

Russia Ran a 2025 Budget Deficit of 2.6% of GDP, Highest Since 2020

Russia ran a budget deficit of 5.6 trillion roubles ($72.12 billion), or 2.6% of GDP, in 2025, the Finance Ministry said on Monday, the highest deficit since 2020 as a percentage of GDP and the highest since 2006 in rouble terms

Russia had a fiscal deficit equal to 1.7% of GDP in 2024. In 2025, the government raised the deficit target twice from the initially targeted 1.2 trillion roubles, or 0.5% of GDP, due to shrinking energy revenues and a strong rouble.

Budget revenues amounted to 37.28 trillion roubles, down by 7.5% from the initial target, due to a 24% fall in oil and gas revenues, which hit the lowest level since 2020, despite corporate profit and personal income tax hikes. Budget spending, which amounted to 42.93 trillion roubles, rose 6.8% from 2024 and was 3.5% higher than the initial budget plan

US Tariff Easing, AI boom Prompt IMF to Raise 2026 Global Growth Forecast

The International Monetary Fund raised its 2026 global growth forecast, citing adaptation to lower U.S. tariffs and continued investment in artificial intelligence.

The IMF now projects global GDP growth of 3.3% in 2026, an increase of 0.2 percentage point from its October estimate, according to its latest World Economic Outlook update.

The fund also revised its 2025 growth forecast upward to 3.3%, a 0.1 percentage point improvement from the previous projection. The 2027 growth forecast remained unchanged at 3.2%.

The IMF has been consistently raising its global growth projections since July, following trade agreements that reduced President Donald Trump’s tariff rates, which had reached their highest levels in April 2025

Source: HSL Prime Daily, 20 Jan 2026

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