Forward from: Slavyangrad
"Russia will run out of money sooner." 😂
IMF: GDP Growth Russia 3.2% | Germany 0.2%
World Bank has noted since the war started that Russia passed both Germany and Japan in economic size
Russia's budget deficit in 2023 was a mere 1.9% and forecasted to be only 1% in 2024.
Meanwhile the US deficit was 6.3%, Germany 2.1%, UK 4.2 %, France 5.5%, Italy 7.4%
Russia's National Wealth Fund (NWF) is growing again in 2024 after being reduced by $70B from its peak but again remember much of these are paper losses owing to valuations in Russia's private industries being lower.
Russia's income tax rate of a flat 13% has been adjusted to a progressive tax rate that will range from 13% to 22%. Increasing the tax burden for the rich but still being very low compared to much of the world. The increased tax revenue ensures fiscal stability in case of a fall in commodity prices.
So what are the Russian problems they cite?. So they argue that since Gazprom lost $7.1B in 2023 that the Russian economy will collapse, ignoring that this is a trivial number in a massive economy or that Gazprom paid over $8B in taxes to the Russian government. Gazprom has about $18B cash in the bank and sells natural gas on the domestic markets for a pittance. Raising gas prices slightly would return Gazprom to profitability and consumers would still pay some of the lowest prices in the world.
Russia's fiscal position is vastly superior to any country in the West, having little debt and running small deficits.
@Slavyangrad | Mittens
IMF: GDP Growth Russia 3.2% | Germany 0.2%
World Bank has noted since the war started that Russia passed both Germany and Japan in economic size
Russia's budget deficit in 2023 was a mere 1.9% and forecasted to be only 1% in 2024.
Meanwhile the US deficit was 6.3%, Germany 2.1%, UK 4.2 %, France 5.5%, Italy 7.4%
Russia's National Wealth Fund (NWF) is growing again in 2024 after being reduced by $70B from its peak but again remember much of these are paper losses owing to valuations in Russia's private industries being lower.
Russia's income tax rate of a flat 13% has been adjusted to a progressive tax rate that will range from 13% to 22%. Increasing the tax burden for the rich but still being very low compared to much of the world. The increased tax revenue ensures fiscal stability in case of a fall in commodity prices.
So what are the Russian problems they cite?. So they argue that since Gazprom lost $7.1B in 2023 that the Russian economy will collapse, ignoring that this is a trivial number in a massive economy or that Gazprom paid over $8B in taxes to the Russian government. Gazprom has about $18B cash in the bank and sells natural gas on the domestic markets for a pittance. Raising gas prices slightly would return Gazprom to profitability and consumers would still pay some of the lowest prices in the world.
Russia's fiscal position is vastly superior to any country in the West, having little debt and running small deficits.
@Slavyangrad | Mittens