Klepach predicted the return of incomes to pre-crisis level by 2020

Klepach predicted the return of incomes to pre-crisis level by 2020

Moscow. September 20. The growth rate of Russian economy will lag behind the global average until 2020, said the Deputy head of VNESHECONOMBANK Andrei Klepach.

“Quite likely a situation where by 2020 and even before the beginning of the next decade we are going to keep up with the pace of world economic growth and only in the future will be able to reverse this trend,” Klepach said at a roundtable “Russia’s Economic growth”. The Deputy head of VEB said that the real incomes of the population will reach the pre-crisis indicators are also only in 2020.

“We have a huge failure on the real income of the population in 2015, and in 2016, rather moderate and slow growth in 2017-2019. We only by 2020 will reach pre-crisis levels in real incomes of the population”, – he said.

According to Rosstat, the decline in real income of the population by the end of 2014 amounted to 0.7% in 2015 and 4.7% in the first eight months of 2016 is 5.8%. In August 2016 the fall in real incomes has accelerated to 8.3% – its highest level since December 2008.

According to Klepach, to 2030-2035 years, the Russian economy will remain dependent on energy resources. According to him, the Russian economy has the potential to significantly accelerate development without overheating due to the use of funds of the NWF and other available resources.