Open AccessGlobal Trends and Effects of Fiscal Policy in 2021
Author(s) -
I. S. Bukina
Publication year - 2022
Publication title -
federalizm
Language(s) - English
Resource type - Journals
ISSN - 2073-1051
DOI - 10.21686/2073-1051-2022-1-113-129
Subject(s) - revenue , consolidation (business) , fiscal policy , economic policy , population , russian federation , federal budget , deficit spending , russian economy , fiscal sustainability , commodity , economics , business , financial system , finance , monetary economics , fiscal year , economic system , debt , demography , sociology
Th e coro nav ir u s pand e m ic i n 2020hada negative impact on the state of the Russian economyand the consolidated budget of the Russian Federation. At the same time, the budgetarysystem of the Russian Federation is sufficiently resilient to such external shocks. In 2020,borro wed funds from the domestic market were used to finance the budget deficit, partlyfro m the Sovereign Fund, the amount of which, however, did not change by the beginning of2021 . Despite the spread of new strains of coronavirus infection and the relatively low levelof vaccination in Russia, the recovery of the global economy and rising commodity pricescontributed to a significant increase in consolidated budget revenues. At the same time, apolicy of budget consolidation was pursued – those items of federal budget expenditures thatunexpectedly increased in 2020 (primarily healthcare spending) were subject to reductions.Th eb e g innin gof 2022 was marked by the emergence of new external shocks that significantlyde s tab il izethe economic and financial sphere of Russia. Now a certain level of budgetarystability has been achieved, which, among other things, will make it possible to solve newtargets of the population and businesses support, but this is not enough in the medium term.Directio ns for operational measures of fiscal policy to restore the sustainability of publicf inances in the current environment are proposed.