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2016 marked by crisis for Russians

2016 marked by crisis for Russians

The crisis, rising prices and the difficult economic situation in the country have been the most significant event of 2016 for 40% of Russians, according to a survey conducted by the research holding Romir.

In comparison with 2015, the crisis and the devaluation of the ruble were marked as the main events only by 9% of respondents.

The doping scandal and the suspension of the Russian athletes were remembered by 21%, while the Olympic Games in Rio was named by only 10%.

The military operation in Syria, and the fight against ISIS attracted interest from 20% of compatriots.

It is interesting that such positive developments as the restoration of relations with Turkey (4%) and the Duma elections (2%) remained almost unnoticed for the Russians.

Donald Trump's election as the new US president was named the main global event of the year by Russian citizens (36%).

According to 6% of respondents, the decline in oil prices during the year was an important event. According to 2% of respondents - Zika virus. The earthquake in Italy and the removal of sanctions against Iran were mentioned only by 1% of respondents.

For our fellow citizens  the crisis can rightly be considered the symbol of 2016 - the economic difficulties overshadowed all the other events, both domestically and abroad.

The head of the finance, monetary circulation and credit department at RANEPA, Alexander Khandruev, speaking to Vestnik Kavkaza, noted that the 2016 crisis in Russia began to subside. "The crisis has been less noticeable this year for three reasons. First, contrary to the predictions of the dollar above 70 rubles, its rate is around 62 rubles per dollar. Second, inflation is below 6%. Third, given the rapid decline in the investment and consumer demand, output growth near zero is the best result of the year," he stressed.
 
According to him, the dual results of the year are typical for the whole world as part of the controversial process of adaptation to new economic conditions. "Macroeconomic dynamics of the West has not been improved by the fact that its central banks have pumped up their balance. The consequences of raising the Fed's discount rate are also unclear. The way out of the deadlock of zero interest rates has not been found, government bonds with a negative yield is an evidence of internal imbalances. The market has not yet finished adjustments in Russia, China an Europe. Any such recession and stagnation is a reaction to an imbalance in the economy," Alexander Khandruev noticed.

A professor at the department of the stock market and investments at the Higher School of Economics, Alexander Abramov, in turn, explained the opinion of Russians by the objective decline in their income over the past two years. "The decline in real income has continued, a total of about 16%. Such serious things as declining wages and employment problems are still observed in most areas. The lack of a clear understanding of the economic outlook is also important," the economist pointed out.

At the same time, according to him, in 2017 will be more positive in economic terms. "Everybody expects interest rate cuts, which means that loans become more affordable. Of course, the situation will not change radically, but it will become easier to live," Alexander Abramov concluded.
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