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Alexey Vedev, Head of Financial Department of the Gaidar Institute, spoke in an interview to Invest-Foresight on a dramatic impact of pandemic on the Russian economy and the need to extend measures for direct support to businesses and households.
- How severe can a coronavirus pandemic affect the Russian economy, what do you think?

Stpan Zemtsov, Senior researcher of the Innovation Economics Department of the Gaidar Institute, told the “Vestnik Kavkaza” on reluctance of small and medium-sized businesses to switch to the online mode amid quarantine.

Stepan Zemtsov, Senior Researcher of Innovation Economics Department of the Gaidar Institute, joined the discussion of financial support to small and medium-sized businesses amid crisis.

The government has not provided the institution of individuals’ tax deductions with any additional measures of improvement. Although the international experience of some countries shows that other governments were more attentive to this issue amid the spread of COVID-19. Thus, some countries have reduced the time limits for examination of applications and declarations requesting standard, property and social tax deductions. In a pandemic, people are recommended to focus on such an instrument as tax deductions for the past periods. Moreover, they can contact the tax office in that respect through electronic services despite the self-isolation regimes.

Alexey Vedev, Head of Financial Studies Department of the Gaidar Institute, shared his thoughts with RIA “FederalPress” on timeframe for recovery of economic sectors affected by coronavirus epidemic.

Natalia Kornienko, Head of Tax System Development Department of the Gaidar Institute, commented to “Vestnik Kavkaza” on the proposal by Boris Titov, Presidential Commissioner for Entrepreneurs’ rights, to nullify taxes for small and medium-sized businesses in the tumultuous environment.

Alexey Vedev, Head of Financial Studies Department of the Gaidar Institute, expressed his opinion to gazeta.ru on extremely low threat of inflation in the current event of crisis.

Alexey Vedev, Head of Financial Studies Department of the Gaidar Institute, shared his forecasts with MK regarding the forthcoming economic recession amid spread of COVID-19 epidemic, which turned out to be far more dangerous than fall of oil market.

The Head of state appealed to citizens asking them to observe the self-isolation mode of behavior and extended the non-working period until April 30. Alexey Vedev, Head of Financial Studies Department of the Gaidar Institute, ex-Deputy Minister of Economic Development, expressed his opinion to TASS on the amount of time and resources it will take for the economy to recover after a forced holiday.

Alexey Vedev, Head of Financial Studies Department of the Gaidar Institute, shared his thoughts with mk.ru on the need for more effective measures to provide support to small and medium business. Given the introduction of quarantine restrictions and the announcement by the President of non-working days, small and medium-sized businesses suffer great damage. Previous anti-crisis support measures are clearly not sufficient. The government discuss additional tools to support small and medium-sized businesses and consider the possibility of direct subsidies. However, according to Maxim Reshetnikov, Minister of Economic Development, this is a "very expensive" measure.

In connection with the COVID-19 pandemic, national governments, including Russia, are promptly taking measures to tax support their companies and individuals. A set of such measures includes delays in filing tax reports, rescheduling tax payments, suspending or simplifying tax audit procedures. International organizations conducting tax studies promptly issue advisory materials to support national tax systems. 

On April 1, Stepan Zemtsov, Senior Researcher of the Innovation Economics Department of the Gaidar Institute, told radio Sputnik how the population should adapt in times of crisis and which jobs they have to master.

Alexey Vedev, Head of Financial Studies Department of the Gaidar Institute for Economic Policy, shared his thoughts on the impact of the oil market decline under spread of coronavirus on households’ incomes.

On March 20, Board of Directors of the Bank of Russia decided to keep the key rate at 6% per annum. Evgeny Goryunov, Researcher of the Gaidar Institute, said in an interview to radio “Sputnik”that he approved the decision taken by the Central Bank to keep the rate of interest at previous level.

Aleksey Vedev, Doctor of Economic Sciences, Head of Financial Studies Department of the Gaidar Institute for Economic Policy, commented to Interesting Russia the Ruble devaluation against the COVID-19 outbreak and crash of the oil market.

Aleksey Vedev, Head of Financial Studies Department of the Gaidar Institute for Economic Policy, shared his expert ideas with TASS on the current situation in oil market and depreciation of Ruble.