Real incomes of Russians will decrease by 2-3% in 2024 and by 1-2% in 2025. This forecast was given to socialbites.ca by BitRiver financial analyst Vladislav Antonov.
“Inflation in Russia has significantly exceeded the targeted 4% and is expected to be in the range of 6.5-7% by the end of 2024. This means that real incomes of Russians are decreasing due to the fact that nominal wages do not keep pace with rising prices. Realized inflation is expected to reach 15-21% annually. In such conditions, the standard of living of the population decreases, purchasing power decreases,” the economist explained.
According to his estimate, this trend will continue in 2025. Because the Central Bank predicts that interest rates will remain high (14-16%) next year. High interest rates will limit the growth of the economy and household incomes.
Antonov stressed that inflation is expected to be overcome and return to the target of 4% only in 2027. As a result, the analyst is confident that the long-term decline in the level of real income of the population will continue at least until this time.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.