Russian citizens have been given another reassuring forecast predicting a growth of their incomes – this time by as much as 6% – the Institute of Economic Forecasting of the Russian Academy of Sciences (INP RAS).
The economists see reason for such optimism in a faster growth of the national economy and the National Projects implemented by the government. In particular, the planned indexation of wages and pensions will play a role in increasing people’s incomes (the Ministry of Labor has promised pensioners a rise in retirement benefits from January 1, 2020).
As the Izvestia daily explains citing the forecast, by the end of the year, real disposable incomes will grow by 0.8%, and growth will continue. So, already in 2020, the growth will reach 1.2%, and in 2022, even 2.2%. Overall in four years, the INP RAS team projects a growth of about 6%.
As for the nominal incomes, in 2019, they were estimated at RUR 62.2 trln ($955 bln) at INP RAS. In 2022, this figure will approach RUR 74 trln ($1.1 trln). The annual growth rate, according to the researchers, will be 5-6%.