Russia’s shadow economy approaches 22 percent - YaY!

pproximately 17-18 million Russians work off the books, according to a new analysis by experts at the Higher School of Economics (HSE) and the office of the Commissioner for Entrepreneurs' Rights, Boris Titov. Between November 2014 and February 2015, unofficial employment jumped by 3-4 million people.
Experts at HSE say the so-called shadow economy could grow, as the financial crisis worsens, to become 20-22 percent of Russia’s entire economic activity. (Currently, it makes up about 15-17 percent.) The trade industry, construction, personal services, and agriculture are the current leaders in unofficial employment.
The Central Bank’s high key interest rate, which is effectively choking any development of the formal economy, and cutbacks at small businesses are thought to be the main reasons for the rising numbers of Russians working off the books.

Quote :: The shadow economy could grow to 40 percent, says Andrey Pokida, a senior research fellow at the Russian Presidential Academy of National Economy and Public Administration. Over the past year, he says, more and more salaries went off the books, and Pokida doesn’t rule out an acceleration of this process.
→ RBC

In the fall of 2014, the value of the Russian ruble collapsed, as oil prices sharply declined.
In December 2014, the Higher School of Economics predicted that the Russian economy would contract by 7-12 percent in 2015.
In recent weeks, several major state institutions have announced cutbacks and layoffs, including the Federal Security Service (the successor the the KGB), VTB24 (the retail arm of VTB, one of Russia's biggest lenders), Rostec (a state corporation set up to promote development and hi-tech industrial products), and others.
A national survey conducted in January 2015 showed that more than a third of all Russians expect cutbacks where they work, as well as wage losses and delays in getting their paychecks.

https://meduza.io/en/news/2015/02/27/russia-s-shadow-economy-approaches-22-percent

Russia’s shadow economy approaches 22 percent - YaY!

Russia’s shadow economy approaches 22 percent - YaY!

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