Living standards of the Russian population will keep declining until the end of 2020 and further into 2021, economist Mikhail Khazin thinks. He voiced his opinion at Metametrica on YouTube.
“There is no alternative to unemployment going up with living standards going down,” he noted. The process will also be accompanied by wages cuts. “Earnings in general will be lower,” Delyagin believes.
He also pointed out that Russia has already been going through dramatic weakening of the national currency as it was not too long ago that $1 was worth 60 Russian rubles, while it is worth RUR 76 now.
According to SberData, Sberbank’s big data analytics and processing lab, between March and May, half of all Russian employees in major industries faced earnings decline, while one fifth said their revenues dropped by a third.