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To offset this slow down the government has launched various schemes to stimulate the economy. A mortgage subsidy programme has been especially successful and subsidies and delayed tax payments have also helped. While some of these subsidies expire in the autumn (the mortgage programme has already been extended) the new 2021-2023 budget includes greatly increased support for SMEs and individuals at the expense of increased taxes on the wealthy and raw material producers. However, some commentators and government agencies worry the net effect of these tax rises will be to slow the economy. A rapid rise in oil prices would also work to boost economic growth, but that is not expected to begin until next year, if then.
56 RUSSIA Country Report October 2020 www.intellinews.com
