From Reuters:
“Almost half of Russians say salary does not cover basic
spending – survey”
(Pedestrians walk past an electronic board showing currency
exchange rates of the U.S. dollar and euro against Russian rouble in a street
in Moscow, Russia, October 6, 2023.)
The number of Russians who say their salary does not cover
basic spending has jumped by 20 percentage points in two years to almost half,
a survey by recruiter Headhunter showed, as Moscow diverts record fiscal
resources to funding its war in Ukraine. The findings, from an October survey
of almost 5,000 people, put Russia's economic woes in sharp focus and could
give the authorities a headache in the run-up to March's presidential election,
in which President Vladimir Putin is likely to extend his more than two decades
in power.
Record-low unemployment this year is evidence of Russia's
stark labour shortages, while the rouble's weakness has added to intense
inflation pressure. Interest rates, already at 13%, are expected to rise
further to tackle inflation seen ending the year at around 7%, well above the
Bank of Russia's 4% target. Asked whether their salary was enough to cover
basic spending, without taking into account income from second jobs or
investments, just one in five Russians surveyed said yes.
"Yes, with difficulty," replied another 36% of
respondents, while 45% said their salary was insufficient. That is up from 25%
in 2021 and 39% in 2022, Headhunter's survey showed. In 2021, before Russia
launched what it calls a "special military operation" in Ukraine, 36%
of those surveyed felt their salary was sufficient. Of the 45% lacking the
money for basic spending, more than half said they were at least 20,000 roubles
($212) short per month.
The average monthly nominal wage earned by Russians was
71,419 roubles ($756) in July, Rosstat's statistics show. Real wages in Russia
are currently growing rapidly as defence companies rush to meet government
orders. Other industries are struggling not to lose staff, but cannot always
compete with salaries. Double-digit inflation in 2022 heaped pain on consumers
and although the economy is set to recover this year from a 2.1% drop in gross
domestic product (GDP) in 2022, Russia's long-term prospects are dim, according
the the International Monetary Fund (IMF) and some of Russia's own forecasts. Russia
could miss its 2024 budget revenue target and be forced to hike business taxes
if the rouble proves stronger than expected and optimistic economic assumptions
fall short, analysts say.
($1 = 94.4700 roubles)
^ The Russian People may not be able to afford Basic Goods,
but at least they are being raped, tortured, kidnapped or murdered like the
Ukrainians are being by the Russians.
All the Russians have to do is focus on those Russians that
are at fault for their War and their Economic Woes. ^
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