As RBC reports with reference to analysts, in Russia, government spending on overcoming the pandemic in 2020 lagged behind the leading countries of the world, and in the next few years, large-scale support for growth through government spending is not expected.
According to experts, the transition to fiscal consolidation may restrain the recovery rate of growth.
According to the Ministry of Finance, non-interest expenditures of the enlarged budget next year will decrease relative to the current one by 2-3% of GDP.
Such a scale of reduction can subtract up to 1 percentage point of GDP from economic growth, according to the British consulting company Oxford Economics.
They believe that the Central Bank is likely to try to partially compensate for the negative fiscal effect, but the space for further rate cuts is narrowing.
Earlier, Sberbank predicted a decline in the Russian economy by no more than 4.5%.