The Russian Ministry of Economic Development has published a new prediction of the economic situation for the next three years (2016-2018). According to the Ministry, the incomes of Russians in 2018 will be below the level of 2014.
The experts reached such conclusions based on the fact that the moratorium on accumulative pension contributions, together with the preservation of tight credit conditions, will cause a tightening of investment recession for another year. The real incomes of Russians in 2016 will also continue to fall, instead of the previously estimated growth, due to high inflation and a reduction in social expenditure.
"The incomes of Russian citizens are projected to be below the projected inflation rate of 4% per year, as well as pensions. As a result, even three years later, in 2018, incomes will remain below the level of 2014," Vedomosti cited the document as saying.
