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Russians Looking at Possible 12% Drop in Real Incomes This Year: Report

16 Apr 2020

• 16 Apr 12:03

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Real incomes of Russian citizens could drop by 12% in 2020 and the unemployment rate may grow to 12.1%, theCenter for Strategic Research(CSR) says in its weekly monitoring of the business environment in the country, according toFinmarket. The sharp devaluation of the ruble, the coronavirus crisis, and the oil price drop are events with the greatest negative effect for the business, the research says. “Considering the economic expectations of businesses, the growth rate of actual salaries and wages may be negative in 2020 and total minus 12%; the average salary may decline by almost 4,000 rubles ($55) monthly (compared to 2019),” CSR says. Real salaries may. Read more...