RUSSIALINK: “Russians’ Debt Burden Hits Record High – Central Bank” – Moscow Times
The share of income Russian borrowers have to spend on repaying debts hit a record high at the start of 2021, according to Central Bank data […]
» Read moreThe share of income Russian borrowers have to spend on repaying debts hit a record high at the start of 2021, according to Central Bank data […]
» Read more(Kennan Institute – wilsoncenter.org/program/kennan-institute – Maxim Trudolyubov – March 6, 2020) Maxim Trudolyubov is a Senior Fellow at the Kennan Institute and the Editor-at-Large of Vedomosti, an independent Russian daily. Mr. Trudolyubov was the editorial page editor of Vedomosti between 2003 and 2015. He has been a contributing opinion writer for The International New York Times since the fall of […]
» Read more(Moscow Times – themoscowtimes.com – June 25, 2019) Russia’s middle class has fallen by nearly one-fifth since the start of the country’s economic crisis in 2014, an analysis by the Moscow-based Alfa Bank has said. Low oil prices and Western sanctions have reduced Russians’ real incomes for five years in a row. Economists forecast that the population’s purchasing power will […]
» Read more(Moscow Times – themoscowtimes.com – May 29, 2019) Russians’ incomes will fall for a sixth consecutive year in 2019, experts from Moscow’s Higher School of Economics (HSE) and Russia’s Presidential Academy of National Economy and Public Administration (RANEPA) said. Russia’s Economic Development Ministry has projected real incomes to reverse the five-year slump and grow by 1 percent in 2019, based on […]
» Read moreMOSCOW. Feb 17 (Interfax) – The difference between the incomes of people living in cities and villages should decrease and the budget funds will be distributed more fairly, Russian Prime Minister Dmitry Medvedev said. “Of course, agglomerations, cities are where our country is developing. They are very important, a considerable number of people live there. But we should not forget […]
» Read more“… in this sleepy town some 120km north-east of Moscow … when local activists organised a march … against planned cuts to medical services, more than 100 people took to the streets. …. an example of shifts in public opinion … reshaping the country’s political landscape. … The rapture [over Ukraine] began to fade … when the government announced plans […]
» Read more“The IMF projects real growth of GDP in Russia at the level of 1.4% in 2017 …. According to the World Bank, the Russian economy will grow by 1.3% in 2017, while Russia’s economic development ministry put the figure at 2%. … noticeably in the last two months … both real disposable incomes and construction activity [have been] improving. …” Click […]
» Read more“Russia’s economy surely is better than it was a year ago. But, tell that to the Russians. … 45% of them believe the ‘worst is yet to come’ despite a nice 3.1% recovery in economic growth over the last 12 months ending in May, according to … VTsIOM…. Higher food prices and declining savings were the biggest concerns …. Thanks to […]
» Read more(Paul Goble – Window on Eurasia – Staunton, May 25, 2017) In every federal district except the Far East, Russians say they need more money for “a normal life” than their current incomes, a situation that reflects stagnating wages and salaries and rising prices and one, the editors of Nezavisimaya Gazeta say, that represents an increasingly serious political threat to […]
» Read more(opendemocracy.net – Maxim Edwards – April 15, 2017) Maxim Edwards is Commissioning Editor at oDR. He writes on nationalism, migration, minorities and memory, with a focus on post-Soviet countries. His articles have appeared in Al-Jazeera, Al Monitor, Souciant and the Forward among other publications. Read the latest in our ongoing Unlikely Media series. As part of this series, oDR profiles […]
» Read more(Bloomberg – bloomberg.com – Olga Tanas – April 19, 2017) The vast pool of labor across Russia’s porous borders is relieving strains in the labor market, helping drain the economy of inflationary pressure as it accelerates after almost two years of recession. A steady flow of arrivals has continued even as shrinking wages and Russia’s worst currency crisis since 1998 […]
» Read more“To see the state of Vladimir Putin’s economy, look down at Russians’ feet. The weakening ruble is making Russians more cautious about their purchases, and annual shoe sales across the country have dropped in recent months as Russians wait for their footwear to completely wear out before buying new ones ….”
» Read more(Bloomberg – bloomberg.com – Olga Tanas – March 22, 2017) A snapshot of Russia’s consumer welfare painted a picture of a country increasingly cleaved by inequality. A surprise deterioration of retail sales in February, alongside an unexpected plunge in real disposable incomes, is adding to evidence of what Morgan Stanley is calling an “uneven consumer recovery” driven by rising disparity […]
» Read moreIf incomes continue to drop, however, Russians won’t be able to cut their food budgets and still adequately feed themselves. Any further cuts could mean risking malnutrition. (Russia Beyond the Headlines – rbth.ru – IGOR ROZIN, RBTH – Feb. 6, 2017) Consumers are not willing to further cut food spending even if their financial situation continues to deteriorate. Grocery spending […]
» Read moreBy any measure, the Russian economy is deep in a classic recession: GDP has dropped for the sixth consecutive quarter. If Russia had political competition, these elections would pose a challenge for both the ruling party and the opposition. But without real competition, politicians are under little pressure to lift the economy out of the current crisis. … * * […]
» Read moreMOSCOW. Aug 25 (Interfax) – Russians mostly criticize the national government for “being unable to deal with the price rise and shrinking household income” (42%) and “failing to ensure social protection” (34%), the Levada Center told Interfax. The price rise problem is losing its topicality (48% in January 2016 vs. 55% in 2015), while social protection demands are on the […]
» Read more(Bloomberg – bloomberg.com – Leonid Ragozin – June 9, 2016) Russia embarks on an almost two-year-long election season this summer that ends with a presidential contest in 2018. But unlike previous years, the country’s faltering economy has taken its toll on lower-income voters who blame the Duma and the cabinet for their plight. Five years ago, allegations of vote rigging […]
» Read more(Moscow Times – themoscowtimes.com – April 19, 2016) For the first time since 2008 Russians are spending more than half their monthly income on food, as falling real incomes force them to buy only basic necessities, a study published Tuesday revealed. In February, Russians spent 50.1 percent of their earnings on food products, including alcohol and tobacco, according to the […]
» Read more(Moscow Times – themoscowtimes.com – February 29, 2016) Russia’s middle class has not yet felt the impact of the economic crisis, the Kommersant newspaper reported Monday citing a report by the Institute of Sociology of the Russian Academy of Sciences. Most middle class Russians have retained their jobs and income levels, and many have even reduced their debt burden under […]
» Read more(Moscow Times – themoscowtimes.com – February 25, 2016) A total of 59.8 percent of residents of Russia’s single-industry towns consider their socio-economic situation to be unbearable or hardly bearable, the RBC newspaper reported Thursday, citing a poll by the Federal Guard Service (FSO). Only 3.9 percent of respondents said the socio-economic situation in their town was favorable and 31.3 percent […]
» Read moreAmid continuously falling incomes, debt help groups thrive as Russians turn to different solutions to repay loans. (Russia Beyond the Headlines – rbth.ru – ANNA KUCHMA, RBTH – December 2, 2015) In the past year, arrears on loans have reached record levels. Borrowers are finding it more difficult to repay their loans due to the steep devaluation of the ruble […]
» Read moreThe Wall Street Journal covers disruptions to Russian travel plans, amidst travel bans imposed by the Kremlin following Turkey’s shoot-down of a Russian military jet and a suspected terrorist downing of a Russian airliner in Egypt. Turkey and Egypt were popular destinations, offering hotels and services far better than Russian equivalents at a reasonable price. Six million Russians visited Turkey […]
» Read more(Moscow Times – themoscowtimes.com – November 20, 2015) Russia’s highest-paid executive last year with earnings of $27 million was Alexei Miller, the head of natural gas producer Gazprom, according to a ranking published by the Russian edition of Forbes magazine on Thursday that showed a sharp fall in the incomes of many of Russia’s top corporate bosses. Miller, 53, bucked […]
» Read more(Bloomberg – bloomberg.com – Anna Andrianova – November 19, 2015) Russian wages and retail sales declined by the most since 1999, a sign consumer demand will remain a weak link in the economy’s efforts to break out of its first recession in six years. Real wages fell 10.9 percent in October from a year earlier, a deeper contraction than the […]
» Read more(RIA Novosti – Moscow, November 6, 2015) The majority of Russians are unsatisfied with their financial situation, and nearly each one in six is overwhelmed by a large amount of debts, according to a survey conducted by the National Financial Research Agency. Some 17 per cent of citizens complain about an enormous amount of debts. The percentage of those having […]
» Read more(Moscow Times – themoscowtimes.com – October 31, 2015) Russians believe they need an income of at least 175,000 rubles ($2,725) a month to feel happy, according to poll results published by the Izvestia daily Friday. The cost of happiness is higher in Moscow, where an average resident needs at least 193,000 rubles a month to feel happy, the poll by […]
» Read more(Moscow Times – themoscowtimes.com – Anastasia Bazenkova – October 2, 2015) Russian courts received their first personal bankruptcy petitions on Thursday, as the country’s first ever law allowing individuals to declare themselves bankrupt entered into force. On the eve of the law’s arrival, analysts warned that courts could be overwhelmed by a flood of applicants unable to pay debts accumulated […]
» Read more(Moscow Times – themoscowtimes.com – September 18, 2015) Russians’ wages fell in August at their fastest pace since the start of the year, according to official data published Thursday that also showed a continuing slump in capital investment, industrial output and retail spending. Russia’s economy has been shaken by a collapse in the price of oil since summer 2014 and […]
» Read more(Business New Europe – bne.eu – Ben Aris in Moscow – September 15, 2015) [Charts here bne.eu/content/story/foot-traffic-russias-leading-shopping-malls-tumbles] Foot traffic at Russia’s leading malls is collapsing because of the grinding crisis that has seen real incomes fall the first time in a decade and a half, according to the most accurate index measuring Russians’ shopping habits. Moscow boasts some of the […]
» Read more(Business New Europe – bne.eu – Henry Kirby in London – July 2, 2015) Over four-fifths of Russia’s national wealth is held by just one-tenth of the overall population, according to the 2014 Global Wealth Databook, produced by financial services group Credit Suisse. The 84.8% of wealth held by the top decile of Russia’s population was the highest proportion measured […]
» Read more(Business New Europe – bne.eu – Ben Aris in Moscow – December 18, 2013) Russian joke from the 1990s: Two Novy Russkis (New Russians) meet on the street. “Nice tie. How much did it cost?” the first asks the second. “Its Hermes. It cost a $100!” answers the second. “You’re crazy! I know where you can buy the same one […]
» Read more(Interfax – MOSCOW, October 21, 2013) Russians have mixed feelings about the country’s development scenarios in the near future. Some are optimistic and others suggest pessimistic scenarios, the Russian Public Opinion Studies Center (VTsIOM) told Interfax on Monday. Over a third of Russians (36%) claim a hard period is in store for the country. Most of such opinions are voiced […]
» Read more(RIA Novosti – MOSCOW, October 14, 2013) Some 57 percent of Russians feel that life is hard but bearable, according to a new survey, five percentage points higher than in 2011. According to new poll results released by the independent Levada Center on Monday, 25 percent of respondents said that the phrase “things aren’t that bad, it’s livable” best […]
» Read more(Interfax – MOSCOW, July 30, 2013) Income disparity in Russia increased slightly in the first six months of the year compared with the same period last year, Rosstat reported. The 10% of Russians with the highest incomes accounted for 30.4% of all income in the six months. The first half results in previous years were 30.2% in 2012, 29.8% in […]
» Read more(Interfax – MOSCOW. April 12, 2013) Poverty in Russia has shrunk thrice since the 1990s but higher salaries of public sector employees remain a key objective of the government, Prime Minister Dmitry Medvedev said at a meeting of the Labor Ministry board on Friday. “Compared with the 1990s, the poverty level has reduced thrice. The decline is directly related to […]
» Read more(Rich Russians Also Lament New Tax Hikes – Forbes – Kenneth Rapoza – January 3, 2013 – click here for full article) Forbes covers Russian tax hikes on the wealthy, largely impacting individuals, sole proprietors and with high-end luxury items such as homes, cars, boats, airplanes and helicopters: Not only rich one percenters in the U.S. are going to see […]
» Read more(Moscow Times – themoscowtimes.com – November 20, 2012) The material well-being of Russians has improved over the past 10 years, and there are fewer people who barely make ends meet, according to a recent study by the Levada Center pollster. The survey polled 1,600 people in October and showed that since 2002 the number of Russians easily capable of purchasing […]
» Read more