Add to favorite
 
123
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS


Bloomberg Predicts a Reduction in the Income of Russians to the Level of 2006
May 14, 2020 17:58


(Source: https://api.apdnews.com/uploads/20181011/ng-glM9G_8IDGrQi9ULuhkK4Va51_CS_.jpg)

Bloomberg predicted a reduction in the income of Russians to the level of 2006. 

The real disposable income of Russians in this quarter may fall to the level of 2006,
Bloomberg economists believe.  This quarter, the real disposable income of Russians will decline to a level “unprecedented since 2006,” they write.

According to Bloomberg Economics analyst Scott Johnson, incomes in Russia have just begun to recover from the past crisis. “Without more generous support, households will experience the brunt of the pandemic shock, and this will mean another painfully slow recovery,” the expert said.

Bloomberg notes that the National Wealth Fund has $ 165 billion. However, authorities are reluctant to spend money from reserves to support the economy for fear of further deterioration after the collapse of global oil demand, the agency said.
According to Dmitry Dolgin, chief economist at ING, the total state support in Russia is still only 3-4% of gross domestic product - this is less than in other countries. The expert called the situation with the incomes of Russians “rather terrible”.



Nowhere to fall

In the first month of the “non-working period” and self-isolation in Russia, nearly a quarter of Russians had to go into savings to pay for running expenses, a survey conducted by order of the Central Bank showed. 5% of Russians participating in this survey “ate” all their savings in just two weeks. Only 24% of those surveyed have a financial “airbag” for three months, while 47% have  unpaid credits.

At the same time, more than half of Russians felt a decline in income due to the crisis and the need to save money, the Center for Strategic Research said on May 12. The most vulnerable were entrepreneurs and employees receiving gray salaries. A survey of the Central Bank also revealed a deterioration in the financial situation of Russians. Some respondents said that they began to save, including savings on food.

After May 11, when President Vladimir Putin announced new measures to support families with children, the government services portal could not stand the load and worked intermittently for two days while the Russians massively tried to fill out applications for payments.

Rising poverty affects Putin’s popularity, Bloomberg notes. Last week, the Levada Center presented the results of a study according to which the approval rating of the President of Russia in April fell to a minimum of 20 years.

According to the April forecast of the International Monetary Fund, the Russian economy will decline by 5.5% in 2020 after growth of 1.3% in 2019.




Author: Anna Dorozhkina

Tags: Russian society Russian economy coronavirus   

Next Previous

You might also find interesting:

Battles For The Truth On The Nemtsov Bridge End of Decade: Public Sentiment in Russia Business Climate Improvement To Be Discussed Article About the House Of Igor Sechin In Barvikha Was Removed The Prosecutor Requested for the Director Kirill Serebrennikov a Real Term - Six Years in Prison









Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Rostov  Russian opera singers  bus tickets Russia FIFA  Trans-Urals  Turkmenistan  Travel  Sochi  society  Russian regions  Fascism  Russian business  Moscow  Unusual Monuments  Russian boxers  Domodedovo  Snow Cinema  Photography  Crystal Ball  travel to Russia  Pskov  meteorite   Russian Astronauts  Lyudmila Lyadova  Derzhavin Memorial Estate  Shakespeare  Russian Classics  advertisement in Russia  Russian Poets  St. Petersburg Parks   Orthodoxy  The Hermitage  US ambassador to Moscow  St. Petersburg  Russian tourism  Pavel Kogan  Russian social networks  TNK-BP  Bakhrushin State Theater Museum  Festivals in Moscow  Exhibitions in Moscow  Orthodox Church  Russian government  Dasha Gauser  Russian medicine  Novovoronezh  Russian action  VDNKh  Mercedes-Benz Fashion Week Russia  Irina Bogacheva   Russian Cinema 


Travel Blogs
Top Traveling Sites