![]() ![]() One option is reforming the personal income tax system. As a result, the government will have to find new ways to raise revenue. After all, the country will be hard pressed to find the cash needed to fund its defense and social welfare programs with declining revenue from one of its most important industries. But this declining percentage doesn’t mean the government has become less dependent on energy it’s simply a reflection of low energy prices.Īnd with its financial resources dwindling, Russia’s ability to defend against both external and internal threats will be severely tested. ![]() Oil and gas accounted for 43% of Russia’s government revenue in 2015 and this figure was expected to drop to 36% in 2016, according to the World Bank. Low global energy prices have been a strain on the finances of many oil producers, but they’ve hit Russia particularly hard. 11, 2017 for Mauldin Economics, LLCīy George Friedman, Xander Snyder and Ekaterina Zolotova ![]()
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