Russia’s Economic Development Ministry Adjusts Pay Rise Forecast to 1.1%

UrBC, Moscow, April 11, 2019. Russia’s Economic Development Ministry brought its forecast for the expected increase in people’s actual pay in 2019 from 1.4% down to 1.1%. Respective adjustments have been made to the country’s socioeconomic development scenario for 2019-2024 (available on the ministry’s website).

According to the ministry’s report, the scenario in question will be used as a roadmap for setting the federal budget parameters for the year 2019; the final medium-term forecast will get presented in August.

Based on the current forecast, Russians’ factual wages and salaries will only go up by 1.1% at the most (as early as September 2018, the forecast cited 1.4% as plausible growth). At the same time, the forecast for next year has been brought from 1.9% up to 2%.

As for the years 2021-2024, the ministry expects Russians’ factual wages and salaries to rise by about 2.7% a year.


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