The country’s economic policy must adapt to the consequences of the coronavirus pandemic and achieve long-term sustainable growth, says an article by Finance Minister Anton Siluanov. The article “Increasing the potential of the Russian economy in the context of global post-crisis changes” was written for the “Finance” magazine, the text is also published on the website of the Ministry of Finance.
“Russian economic policy must adapt accordingly to global changes – adapt to the consequences of the pandemic and achieve long-term sustainable growth, ensuring a consistent improvement in the quality of life of the population. In this context, the key remains the task of helping to achieve the country’s national development goals, ”says Mr. Siluanov’s article.
The main priorities are:
- provision of quality medical care;
- restoration and growth of real incomes of citizens;
- equalization of educational opportunities;
- creating a comfortable environment for life and economic activity.
The head of the Ministry of Finance called the pandemic a serious test of strength for economic systems and a catalyst for long-term structural changes. According to him, in overcoming the crisis that has arisen, the efforts of the state are important, which are carried out through budgetary and tax measures.
“At the same time, it should be emphasized that as the economy recovers, it is important to timely move to the gradual completion of anti-crisis support aimed at cyclical recovery in order to prevent an imbalance in the economy (in particular, in the form of increased inflation levels and inflation expectations),” the article says. Mr. Siluanov believes that due to the slow exit from the stimulating policy, risks may arise for individual countries and for the world economy and the global financial system.
Earlier, Russian President Vladimir Putin said that the pandemic launched a systemic economic crisis, which has not happened in the world since the Great Depression. According to him, the main risk in the world in connection with the pandemic is massive unemployment and poverty. At the same time, according to data from the Higher School of Economics (HSE), the crisis of 2020 did not affect the Russian economy as noticeably as it did in the world as a whole. HSE experts called this situation unique in the modern history of Russia.