Christopher Granville

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

Irina Lebedeva

Economist, Russia Research

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Recent Russia research

* Russia: Navalny trashes Medvedev - What it means, Christopher Granville, 29 Mar 2017
* Russia: Geopolitical driver – negative turn, Christopher Granville, 15 Mar 2017
* Russia: Jumbo tax reform, Christopher Granville, Madina Khrustaleva, 3 Mar 2017
* Russia: More good news on the macro-policy front, Christopher Granville, Madina Khrustaleva, 8 Feb 2017
* Russia: Pay attention to Kudrin, Christopher Granville, 31 Jan 2017

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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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