growth, and therefore to increased hong kong telegram data tax revenues to the treasury. Will the Central Bank’s policy hit the budget?
— It is important to distinguish between sustainable growth of economic potential and growth of nominal GDP as a result of rapid price growth and high inflation. Both increase tax revenues. But growth of budget revenues as a result of high inflation is an illusory benefit. After all, the state will have to increase all expenses by the amount of inflation.
If this is not done, then the purchasing
power of the income of public sector workers will decrease. And in terms of public investments, it will be necessary to either increase estimates (the prices for all materials and work have increased due to high inflation), or reduce the physical volumes of public investments, and abandon some projects.
Only an increase in income associated with the growth of economic potential provides a stable and long-term increase in real budget resources. Monetary and credit policy, which performs a stabilizing function, maintains inflation at a low level. With such inflation, demand grows in line with the expansion of the economy’s potential, that is, our omnichannel service: evolution, trends and innovations for 2025 policy does not restrain long-term growth in any way. There is no contradiction with budget policy here.
— The Central Bank’s inflation forecast
for this year has been raised ao lists to 6.5-7.0%. How is this possible if Rosstat already gives more than 9%?