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Saturday, February 17, 2018

“Vnesheconombank Deputy Chairman called the unprecedented fall in the incomes of Russians”

Chief economist of Vnesheconombank (VEB) Andrei Klepach called the current unprecedented drop in real incomes and wages of the . In addition, he predicted a deterioration of the investment climate in Russia in 2018.

photo: Gennady Cherkasov

The Vice-President and chief economist of Vnesheconombank acted in the state Duma during the “bleachers” on the theme “the Russian economy: lessons from the crisis and priorities for development”, reports the RNS.

Klepach, in particular, concerned the situation with the of real incomes of Russians. “We 1990s this shock had,” said the economist. “We can’t be normal, stable, prosperous country, if we both teacher and scientist, and the doctor receives is significantly lower than the average for the economy as a whole,” he said.

According to the expert, the results of last year the decline was 8.4%. “But really actually more, because the investment picture has saved the oil industry, which has grown in the region of 12-13 percent. If not, we decline practically in the area in 2009, and that 19 percent,” – said Klepach. According to him, in 2016 the investment in the oil industry will not grow, and it means that by 2018, the investment picture is going to be even worse in comparison with 2008.

Previously of VEB, commenting on Russia’s position in the oil and gas market, said that our country will not be able to “get off oil needle” and, on the contrary, it is necessary to use. He explained that instead of abandoning oil and gas sector, Russia needs to increase its presence in the global gas market, aiming to become “Saudi Arabia of gas”. Thus, Klepach said, it will be necessary to drastically reduce the price of delivered gas, as do the Saudis in the fight against producers of shale oil.

According to Rosstat, the average amount of monetary incomes (incomes minus obligatory payments adjusted for inflation) of Russians in January 2016 was 21 365 rubles. According to the Ministry of labor, last year the number of Russians whose incomes are below the subsistence level, exceeded 19 million people.

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