NEWSWATCH: “Half of Russians see hardest crisis times still ahead” – bne Intellinews
“… Almost half of Russians (45%) believe the ‘worst is yet to come’ for them as the crisis unwinds, according to the state owned pollster, the Russian Public Opinion Research Centre (VTsIOM).
Russia’s economy is recovering from its two-year recession and GDP growth is gathering momentum, putting in 3.1% growth year-on-year in May. Industrial production is recovering too, up 3.5% in June y/y, and even real incomes are rising, up 3.8% in June y/y. But it seems little of this has filtered down to the man in the street, whose real disposable income – the cash people actually have to spend – is still falling, down 7.6% in April, the last data available. Retail sales have recovered, but with an anemic growth of only 1% in June, while the Watcom shopping index, that measures footfalls in Moscow’s leading malls, is having its worst results in three years in the first half of this year. …”