Christopher Granville

Director of Russia Research
+44 (0)20 3008 5762

Irina Lebedeva

Economist, Russia Research

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Recent Russia research

* Russia: Domestic funds flow into capital markets, Christopher Granville, Madina Khrustaleva, 30 Nov 2017
* Russia: Putin’s future: Politics and policy, Christopher Granville, Madina Khrustaleva, 3 Nov 2017
* Russia: Nabiullina takes the controls, 11 Oct 2017
* Russia: US sanctions – a contrarian case, Christopher Granville, 28 Jul 2017
* Russia: Rates outlook – the key revealed, Christopher Granville, Madina Khrustaleva, 20 Jul 2017

See all our Russia research >>

Russia’s fiscal stimulus offers a one-year consumer play

Overview

We believe the Russian government’s fiscal strategy, which is playing out now in the implementation of the 2009 federal budget and in the Finance Ministry’s newly unveiled budget plan for 2010-12, will deliver a powerful – but short-lived – growth boost. This prospect stems from the bias of the fiscal stimulus towards consumption rather than investment. In part, this is a pragmatic response to the crisis similar to the responses of other major countries – with Russia in better shape...

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