Contents tagged with Economy of Russia
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Poll suggests 20 percent of Russians think it is likely that they will be fired in the near future
One out of five Russians think it is likely that they could be fired in the next two or three months. Downsizing has become a real concern, according to the fund “Public Opinion”, citing research results conducted towards the end of February. Interfax reported the results on March 5th of a poll of 1,500 respondents in 104 settlements of the Russian Federation.
31% of respondents believed that there is no chance that they will lose their job in the coming months. Out of those concerned about …
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Expert says the worst is yet to come for the Russian economy
The head of the Higher School of Economics' Center for Development, Natalya Akindinova, explained that January economic data indicated that the Russian economy has started to worsen.
“This relates in particular to construction, cargo turnover and trade. The total fall in basic industries in January was 0.4-0.6% lower than December without taking into account seasonal fluctuations. The huge lack of growth has been accumulated in real incomes and consumer demand, and its downside potential has …
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Average salary of Russian federal officials increased by 2 percent last year amid economic crisis
According to Rosstat, the average monthly salary of civil servants in federal government agencies in Russia had increased by 2% in 2015. The average is now almost 111,300 rubles.
The salaries of civil servants within the legislature division rose by 35.2%, which equates to approximately 150,000 rubles. This amount does not take into account any social payments. The salaries of employees of the Federation Council increased by 42%, and the salaries of the State Duma employees increased by 30%. …
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Putin plans to get around sanctions with the help of western banks
Russia is planning to evade the European and US sanctions that were placed against them two years ago. Their plan is to allow the Kremlin to release and make available a 3-billion-dollar loan with a 10-year maturity term. Russia plans to achieve this with the help of Chinese, European and US banks.
This was reported by the Insomi news website with reference to German newspaper, Die Welt.
“Putin draws his net around the giants of Wall Street,” the newspaper reported. The newspaper also …
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Russian government to request 130 billion rubles from pension fund for anti-crisis plan
The Russian government will request about 130 billion rubles from the Presidential Reserve for the implementation of the anti-crisis plan, the Russian Minister of Finance, Anton Siluanov stated. This fund was established from freezing pension savings and can be used with the approval of the President and the Government.
Meanwhile, the 2016 budget provides for the establishment of the fund in the amount of 342 billion Rubles due to the freezing of pension savings.
“The budget provides for the …
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Economists predict 30 percent chance of large-scale protests in Russia
According to economists polled by Bloomberg, the probability that Russia’s current economic situation will lead to large-scale protests is about 30%. As reported by RBC, Bloomberg surveyed 27 experts, only six of whom believed that there is 50% chance or more that Russia’s economic problems will lead to upheaval.
According to the head of a study group on emerging economies at the Toronto Dominion Bank, Christian Maggio, the probability of large-scale protests “is more limited than last time [ …
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Moody's downgrades forecast for Russia's economic development
Moody’s, the American rating agency, has lowered the forecast of the Russian GDP to 2.5%. This is according to press release by Moody’s, as reported by the RBC news agency on the 18th of February. The previous forecast had assumed a 1% decline in the GDP.
Moody’s has also adjusted the forecast of Brazil’s GDP to 3%, Saudi Arabia’s GDP to 1.5% and South Africa’s GDP to 0%. According to Moody’s, the reason for changing the forecasts of the main oil-producing countries, such as Saudi Arabia …
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Russian Finance Ministry Rejects Large Portion of Anti-Crisis Plan
Russia's Finance Ministry refuses to support a significant portion of the draft anti-crisis plan prepared by the Ministry of Economic Development. RBC reports that in the Finance Ministry’s address to the government it categorically objected to 37 items in the 86-point plan. The total value of rejected items was 210.2 billion rubles.
The most expensive demand rejected involves funding agriculture with an additional 23 billion rubles. A similar decision concerns an additional subsidy of …
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Russian Capital Outflow Increased By 30 Percent Last Week Amid Ruble Crisis
The total outflow of means from funds invested in Russian assets increased to $91.8 million during the week beginning January 14th. According to Interfax, based on data provided by the Emerging Portfolio Fund Research (EPFR) analysts, last week investors withdrew $70 million from Russian investments—an outflow of means increased by 30%.
Sberbank CIB estimates the total net cash outflow from funds investing only in shares of the Russian Federation also increased to $42.1 million from January 14 …
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Putin blames profiteers for Russia’s economic woes
At a meeting with cabinet members, Russian President Vladimir Putin called for increasing the amount of high-quality but inexpensive Russian products on the market. Putin said that profiteering has led to a decline in living standards in the country, and has produced an unjustified increase in the cost of products, goods, and services.
“Today, unreasonable, frankly profiteering price hikes on goods and services are leading to lower living standards. We need to use all market instruments …