Contents tagged with Russian Economy
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Half of Russians can only just afford food and clothing
In Russia, the number of families whose financial resources are only just enough to buy food and clothing is growing, according to data from the Federal State Statistics Service (Rosstat), as cited by RBC. Between April and July 2019, 49.4% families fell under this category, 0.6 percentage points more than a year ago. These families cannot afford durable products such as computers, refrigerators, washing machines, furniture, etc.
This year, the proportion of Russian families with just enough …
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Brain drain in Russia passes 10 million mark
Russia and other former Soviet states in Eastern Europe are continuing to lose their workforce to emigration, the World Bank stated in a report titled “Migration and the brain drain in Europe and Central Asia”.
According to the bank, 10.6 million Russian citizens had left the country by 2017 to work abroad, more than from Ukraine, Belarus and Moldova combined.
In terms of the absolute number of emigrants, Russia is firmly in the lead among the 24 countries which the World Bank includes under …
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Russian lawmakers admit that 2018 GDP growth figures were falsified
No confirmation can be found for the 6-year record economic growth reported by the Russian Ministry of Economic Development and the Federal Statistics Service (Rosstat) last year, said Andrey Makarov, head of the State Duma taxes and budget committee, during a session of parliament on Friday.
Instead of a 2.3% GDP growth, a figure that Rosstat plucked “like a rabbit from a hat”, Makarov said that three weeks after a change of management “completely different figures” are being arrived at.
He …
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US Congress prepares to deal new blow to Russian economy
The lull in sanctions which Russia enjoyed during US Congress’s interim elections and government shutdown is now coming to an end.
After the four-month break, Congress is once again discussing new measures that can be taken against Russia. The possibilities range from a ban on investments in Russian government debt to a complete disconnection of Russian government banks from the global dollar transaction system.
Congress’s first hearings following its elections will be held on 12 February in …
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Confidence of Russians in a better future reaches all time low
The pension reform, the depreciation of the ruble, the endless sanction conflict with the West and the government’s plans to raise taxes after a record drop in the population’s real income – all of these factors have undermined Russians’ faith in the country’s prospects.
At the end of the second quarter, 50% of Russians thought that the country’s worst times were yet to come, according to a report on social well-being by the National Research University Higher School of Economics (HSE).
In …
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Russia threatens to decrease investments in US national debt
In response to the new U.S. sanctions, Russia will continue to dispose of the U.S Treasury bonds as well as increase payments in national currencies, the Kommersant newspaper reports, citing the statement of the First Deputy Prime Minister of the Russian Federation, Finance Minister Anton Siluanov, made during the broadcast of Russia -1 TV channel.
"We have reduced investments to a minimum. We will continue to reduce our investments in the U.S. economy and American treasury bonds and will …
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Number of western specialists coming to Russia drops by two thirds
The temporary migration from developed western states to Russia continues to decrease, according to the February report of the Russian Presidential Academy of National Economy and Public Administration (RANEPA).
Compared to the levels observed before western sanctions and the crash in oil prices, the flow of US and EU citizens into Russia has dropped by nearly two thirds.
The influx of tourists and western specialists and business representatives traveling for business or service purposes is …
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Media: Hedge funds continue to dump Russian rubles
American hedge funds are continuing to get rid of investments in rubles, while, at the same time, the price of the Russian currency stays in one place, ignoring the drop in oil prices.
One week before May 30, major traders at the Chicago exchange reduced bets on the ruble’s growth by 3% on the futures market, Finanz.ru web site reports.
The number of open contracts on the ruble has been decreasing for five consecutive weeks. Such a prolonged sell-off was last observed on the market in …
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Mogherini: Russia hardly can be called a superpower
The Russian Federation can hardly be called a superpower today due to its economic situation, as stated by the High Representative of the European Union for Foreign Affairs and Security Policy, Federica Mogherini, at the World Economic Forum on the Middle East and North Africa in Jordan, CNBC reports.
"If we look at the state of the Russian economy today, it can hardly be called a superpower," Mogherini said. She also added that today the GDP per capita in Russia is lower than in most of the …
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The outflow of capital from Russia almost doubled in 2017
The Bank of Russia announced a significant increase in the capital flight from Russia in January-April 2017. According to the regulator, net amount of transfer of capital by the private sector during this period was $21 billion. This is more than double that of the first four months of the previous year ($9.8 billion).
"In contrast to the situation a year ago, the main factor in the net outflow was the transfer of the funds by the banking sector overseas following the continued increase of …