2021年俄罗斯财政金融形势与政策

Abstract:With the easing of the epidemic and the rapid recovery of commercial activities，Russia’s macroeconomic policy has gradually returned to normal，and its focus has shifted to achieving its national development goals before 2030. With the rising oil and gas prices，Russia’s fiscal and monetary situation has been generally improved. Its budget system has achieved balance ahead of schedule，and the current account even has a record surplus. The national welfare fund has retained more than 10% of GDP，creating a safe space for the fiscal policy to extend from people’s livelihood protection to economic development. In the process of stimulating investment，the linkage between the central and local governments of Russia has been unprecedentedly enhanced. From the implementation of national projects （strategic initiatives） to the formulation of regional investment policies，there is overall coordination and adequate budgetary funds offered by the Russian government. The aggressive expansion of aggregate demand，labor shortages，pro-inflationary factors in the world market，and high inflation expectations of economic entities have led to high inflation levels. The Central Bank of Russia was forced to implement a tight monetary policy，but it has not been able to effectively control the situation，and high inflation has become the primary threat to economic development in the medium term. Other monetary and financial indicators reflect and promote the process of Russia’s economic recovery to a large extent. In 2021，the global energy transition and the low-carbon agenda have become the most important factors affecting Russia’s financial situation. Both the Ministry of Finance and the Central Bank have proposed countermeasures，which may accelerate the structural transformation of the Russian economy.

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