The overdue transformation of the budget policy model in the context of growing economic dynamics

The changes taking place in the Russian economy under the influence of structural shifts and institutional transformations caused by external shocks determine the need to find a balance between budget planning and economic forecasting, taking into account the revealed differences in scenario approaches, deviations in the execution of the federal budget relative to planned assignments, weak connection between budget expenditures and subsequent socio-economic dynamics. It is proved that strong economic growth is associated with the liberation of the Russian economy from the dominance of foreign business in domestic markets. The problem is the discrepancy between conservative fiscal policy and the challenges of economic development, including the development of scenario conditions for a medium-term forecast for it. The unpreparedness of the public sector for high economic growth can become a brake on economic growth and institutional transformations. The directions of expanding the fiscal space in connection with the processes of adaptation of the Russian economy to external shocks are highlighted. These include differences between scenario conditions; between the GDP parameters adopted in the draft federal budget for the first fiscal year and the reporting values of this indicator at the end of the year, faster GDP growth compared with official forecasts; structural, transformational and institutional changes taking place in the Russian economy. To improve the quality of scenario forecasting underlying the development of the federal budget, it is necessary to include ambitious “target” and “crisis” scenarios in the scenario conditions developed by the Ministry of Economic Development of the Russian Federation along with conservative and basic ones. The clarification of the scenario conditions should be based on an assessment of the economic consequences of the implementation of budgetary policy measures. The composition of indicators of scenario conditions requires expansion. In addition to the current adjustments to the budget process, deeper reforms should begin to be worked out, corresponding to high economic growth and serious structural shifts in the economy.