@sioconnell1@mercycorps@VianeyAndradeP I think with your help, an efficient fiscal reform could be put into place in order to slow the damage the Russian economy is facing due to the Covid-19 pandemic.
@sioconnell1@mercycorps@VianeyAndradeP Russia´s economic situation has worsened for the past few weeks. After reading a lot on the topic I think I have some recommendations that could turn out useful and help ameliorate the Russian economy.
@sioconnell1@mercycorps@VianeyAndradeP In addition, each “non-working” week is costing Russia 1% of its annual GDP. To counteract negative effects of isolation, the government should spend money paying rent and subsidies on certain taxes to reduce certain expenditures all households and businesses are facing.
@sioconnell1@mercycorps@VianeyAndradeP To avoid such a negative impact in the economy, the government should create a fiscal reform in which multiple measures are taken. First, the Kremlin should increase their spending in most affected sectors such as: health sector, construction sector and medium and small business.
@IMFNews@VianeyAndradeP The government has reacted positively to this pandemic, maybe because they have very good financial reserves, Russian companies are almost free of debt, and right now the country is self-sufficient in agriculture
@IMFNews@VianeyAndradeP Years ago the United States and European Union imposed many sanctions on Russia that isolated the country economically. At first it was very difficult for Russia to grow economically, but those sanctions today are protecting Russia economically from the COVID-19.
@IMFNews@VianeyAndradeP The private sector in Russia is dealing very well taking into consideration the pandemic. This is because their main clients and consumers live within the country.
@IMFNews@VianeyAndradeP This is because the country learned to encourage domestic production and now they are able to live from their own resources, without the need of importing from China for example. P