(MENAFN- Trend News Agency) In 2023, Russia may see a budget deficit of some 4.5-5 trillion
rubles ($60.7-67.4 billion), or 3-3.3% of GDP, even without new
shocks due to a higher volatility in its oil and gas revenues,
Russia's Expert RA credit rating agency said in its macroeconomic
forecast, trend reports citing tass .
'In 2023, we expect [Russia] to continue having a budget deficit
of some 4.5-5 trillion rubles, or 3-3.3% of GDP, even without any
new shocks amid a heightened volatility in oil and gas revenues,'
according to the forecast.
A weaker ruble may help cover the budget gap, but the scale of
its weakening will hardly be sufficient enough, Expert RA predicts.
According to it, while the government is unlikely to introduce a
one-off windfall tax on big business it has been mulling of late, a
hidden tax increase, for example via an early cancelation of tax
relief on foreign exchange gains, looks quite possible.
Also, a potential budget consolidation will heavily depend on
the geopolitical situation and export prices, while a sharp
narrowing in the deficit being foreseen in the three-year budget
does not seem likely yet, Expert RA concluded.
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