Will the Federal Budget for 2021–2023 Fiscal Years be Able to Ensure the Achievement of Strategic Goal and to Assure the Economic Security of the Russian Federation?

Abstract

The principles of drawing up the Federal Budget for 2021–2023, adopted in December 2020, are based on macroeconomic conditions. The probability to fulfill these conditions can’t be rated as high. In addition, these conditions ignore a number of significant threats to  the  economic  security  of  the  Russian  Federation  caused  by;  the  continuation  of  the COVID-pandemic  in  2021  and  the  increased  risk  of  similar  threats;  the  reduction  of the  trade  balance;  the  continuation  of  the  general  reduced  in  the  level  of  the  Russian population’s well-being, and by the lack of resources for investments. It is also impossible not to draw attention to the fact that within the framework of the budget concept, they set up a task to ensure the growth rate of the national economy at the level of a stagnant three  percent.  Moreover,  in  the  context  of  the  ongoing  development  of  the  pandemic, the President of the Russian Federation postpones until 2030 the achievement of many important goals that they forecast to achieve by 2024. Therefore, the trend of a long-term policy of sluggish, and in principle decaying, economic development with the minimization of inflationary processes at the level of four percent is forming. At the same time, budgeted principles generate not only the direction and dynamics of socio-economic development of the Russian Federation, but the same pace and guidelines for the development of the subjects  of  the  Russian  Federation.  But!  Today,  new  trends  in  the  development  of  a rapidly transforming post-pandemic economy require the search for new internal drivers of development, including financial ones, require a transition to a model of breakthrough economic growth at both at the federal and regional levels. The country is entering an economy that has other priorities. So, we need other rules of fiscal policy.