Macroeconomic policy. At the beginning of the 21st century, according to cheeroutdoor, the Russian economy as a whole completed its adaptation to market forms of management and began to gradually overcome the transformational recession that had dragged on since the early 1990s. The crisis of 1998, which, on the one hand, began an influx of resources into the real sector of the economy, and, on the other hand, caused import substitution due to a significant depreciation of the real exchange rate of the ruble, contributed to a long decline to a large extent. After the con. In 1998-1999, the negative consequences of the crisis were largely overcome; the policy of the Russian government was aimed at strengthening macroeconomic and social stability, at maintaining economic growth rates, incl. by controlling the rate of inflation and ensuring the stability of the exchange rate. Fiscal discipline has also been strengthened, in particular the government sharply reduced external borrowing and limited budget spending. These measures, combined with favorable conditions in the world oil markets, have allowed the federal budget to run a steady surplus since 2000, which has led to a reduction in the size of the public debt and helped restore the confidence of the population and investors in the state. The absolute growth of budget revenues also made it possible to increase the amount of social benefits and the level of wages in the public sector. Structural reforms were also continued to further streamline economic activity and reduce administrative barriers. In particular, interbudgetary relations improved, new Tax and Land Codes were adopted in 2001, and pension reform was intensified.
At the same time, the country’s economy as a whole was unable to accumulate sufficient funds to restructure production and modernize the economy as a whole. In the Address of the President of the Russian Federation in March 2003, the goal was set to reverse this trend and achieve a doubling of real GDP by 2010. Significant measures such as Russia’s accession to the World Trade Organization (WTO) with subsequent liberalization of a number of markets and reforms in natural monopolies aimed at creating a competitive environment in cases where it is technologically and economically justified.
The banking system of the Russian Federation is two-tier, it consists of the Central Bank of the Russian Federation and universal commercial banks. On horseback In 2003, the Russian banking system consisted of 1,666 registered banking institutions (of which almost half were in Moscow and the Moscow Region), of which only 1,329 banks carried out banking operations. Total assets of the banking sector in con. 2003 amounted to 5600 billion rubles, or about 42% of GDP at current prices. The total equity capital of the banking system at the beginning of 2003 reached 794 billion rubles. and increased by 1/3 in a year. At the same time, more than 1/4 of it was accounted for by the 5 largest banks – Sberbank, Vneshtorgbank, Mezhprombank, Gazprombank and Alfa-Bank. The banking system suffered more than other sectors of the economy due to the 1998 crisis: only direct losses of banks amounted to 40 billion rubles. Nevertheless, in recent years, the banking system has managed to regain the confidence of the population: as of January 1, 2002, it accumulated deposits in ruble and foreign currency equivalent in the amount of 1294 billion rubles. (including from individuals – 998 billion rubles, and only in 2002 this figure increased by 23% and continues to grow). At the same time, about 2/3 of deposits still fall to the share of one bank – Sberbank of the Russian Federation. At the beginning of 2003, domestic banks issued loans to private enterprises for 2,960 billion rubles. (in ruble and currency equivalent), which is more than 50% of the total balance of the banking system. The ratio of banking system assets and loans to GDP at current prices has been growing steadily since 1998.
The budget system of the Russian Federation is a combination of the federal budget, the budgets of the subjects of the Federation, local budgets and the budgets of state off-budget funds. In 2002, the revenues of the consolidated budget of the Russian Federation amounted to 3515.6 billion rubles, or 1/3 of GDP at current market prices. On a global scale, this figure is not very high: in countries such as Sweden or Denmark, up to 70% of GDP is redistributed through taxes. In 2002, the expenditures of the consolidated budget of the Russian Federation amounted to 3403.7 billion rubles, and the excess of income over expenditures (budget surplus) – 111.9 billion rubles. The surplus was provided by the federal budget, whose share in 2002 was 56% in revenues and 54% in expenditures of the consolidated budget. In 2001, a tax reform was launched in the Russian Federation and a new Tax Code was adopted, which, in particular, established a proportional income tax at 13%. Since 2002, the corporate income tax was also reduced (from 35 to 24%) with the simultaneous abolition of all benefits and deductions. As a result, it was possible to reduce the tax burden, streamline intergovernmental relations, and also increase the collection of taxes, the ratio of which to GDP increased from 20% in 1999 to 25% in 2002. As of January 1, 2003, there were 3.316 million tax registered organizations in the Russian Federation, and 104.152 million individual taxpayers, of which 4.718 million were self-employed. In 2002, St. 80% of the federal budget revenue was formed from tax revenues, the main sources of which were value added tax (36.4% of the revenue), excise duties (10.4%), corporate income tax (9.8%), and also customs duties (15.2%).