The energy crisis is threatening to increase the euro area’s energy bill many times over. This will impede growth in the euro area economy in the near term. Besides energy prices, the prices of other products too have climbed sharply.
Russia’s government budget plan that covers all budget levels in 2022−2025 contains optimism. Revenue estimates are based on a relatively benign economic forecast, deficits have been set low, and expenditures are seen to grow very weakly in real terms despite the recession.
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