Russia has normalized its macroeconomic policy

30.10.2021. / 16:30

MOSCOW, ROME – Russia has normalized its economic policy and the budget will be in surplus, said today Russian President Vladimir Putin, who participated in a video conference format in the plenary session of the G20 summit in Rome.

Photo: Tanjug archive

According to him, in Russia, the budget deficit increased to four percent in 2020 due to huge measures of support for the population, small and medium business and the health system, reports Sputnik.

It has also made it possible for the labor market to recover.

“And this year we have normalized our macroeconomic policy so that the budget will be in surplus. Not only have we achieved that, but we have also tightened monetary policy. “said the Russian leader.

At the same time, he pointed out that the situation in the G20 countries is somewhat different.

“If in the period from 2017 to 2019 the budget deficit averaged 3.8 percent of GDP, in 2020 due to the pandemic it increased to 11.2 percent, and this year, although it has decreased, it still remains at a fairly high level – 8.7 percent. I would like to point out that 40 percent of the budget deficit of all G20 countries for 2020-2021. the year falls on the United States “, Putin drew attention, emphasizing that the global economy depends on the position of the American economy.

The Russian president warned that the increase in budget deficits in various countries of the world threatens high global inflation.

“Excessive stimulation has led to general instability, rising prices of financial resources and goods in certain markets – energy, food and so on. The main cause of these phenomena is a serious budget deficit in developed economies. That is the main cause. This creates a risk of high global inflation in the medium term, which not only increases the risks of declining business activity, but also strengthens and deepens inequality. “, Putin stated.

The meeting of G20 leaders, the 16th in a row, is being held today and tomorrow in Rome. Due to the epidemiological situation, Russian President Vladimir Putin is participating online on both days of the summit. Tanjug

Source: – Informacija je capital by

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