The International Monetary Fund ( IMF) on Tuesday said that Russia's 2012 GDP growth could reach 4 percent, up from its January prediction of 3.3 percent.

In its latest World Economic Outlook published on Tuesday, the IMF also raised its 2013 growth outlook for Russia from 3.5 percent to 3.9 percent.

However, the Russian Economic Development Ministry in early April lowered its forecast for the country's 2012 GDP growth from 3.7 percent to 3.4 percent, due to the ministry's downward revision on Russia's 2012 investment forecast.

Russia's gross domestic product (GDP) expanded by 4.2 percent in 2011, making the country the third fastest growing economy only behind China and India.

Meanwhile, the IMF warned that Russia, as well as Belarus and Uzbekistan, still enjoyed high inflation rate.

They "should downside risks materialize, monetary and fiscal authorities should stand ready to adjust their policies," the IMF said.

The fund put Russia's inflation rate at 4.8 percent in 2012 and 6.4 percent in 2013.

In April, Russian Minister of Economic Development Elvira Nabiullina also predicted that the country's inflation rate may reach 5 percent to 6 percent this year.

"Against the background of high oil prices, a high level of domestic demand has been reported," Nabiullina said.