• Russians urged to prepare for the 15 years of crisis

  • The Russians must be prepared for economic downturn or stagnation, which will last for another 10-15 years. About it in interview to "Lente.Roo" said the adviser on macroeconomics General Director of the brokerage house "OTKRITIE" Sergey Chestnov.

    "Given that the structure of the economy changes relatively slowly, this is a real scenario. For ordinary citizens, this means a significant increase in prices, low wages and significant unemployment. That's a pretty harsh times," he said.

    The expert admitted that theoretically the growth is not excluded, but "about double-digit growth can be forgotten for a long time".

    "Importantly, the Ministry of Finance and the Central Bank in these circumstances, to stand firm, then inflation will remain within the 6-8 percent that isn't enough. Moreover, it is worth considering that the price increase has a cumulative effect, that is six percent over four years— this is not 24 per cent, and substantially more," said Sergei hestanov.

    28 October, the Ministry of economic development published socio-economic forecast, in which the main priorities of economic policy in the period from 2017 to 2019 called the import substitution and improving the quality of life of Russians. The document also States that the economy will move from stagnation to recovery in the end of 2016.

    20 Oct experts Ranepa in its monitoring of socio-economic position of Russia reported, the incomes of Russians in the third quarter of 2016 fell 6.1 percent compared to the same period last year. Such a reduction in welfare in the period from July to September has not been observed since 1999, they noted.


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