러시아ㆍ유라시아

Strong GDP growth has continued despite a slowdown in exports. The economy grew by 5.2 per cent in 2018 and by an estimated 6.8 per cent year-on-year in the first half of 2019. The export-oriented mining sector, however, underperformed in 2018.

The new government is targeting higher and inclusive growth. A new precautionary programme from the International Monetary Fund (IMF) is supporting the authorities’ reform efforts.

The authorities have adopted a package of tax reforms. Measures include flattening the personal income tax system, cutting corporate taxes and simplifying taxation for small businesses. Social security contributions, excise taxes and licence fees have been increased to offset the fall in budget revenues.