“The real economy is also remarkably resilient.
Indeed, since the beginning of the year, consumer prices in Russia have risen by more than 10%, as the initial depreciation of the ruble made imports more expensive, and many Western companies left the market, reducing supply, ”the magazine article says.
Russians are "quite free to spend money in cafes, bars and restaurants," the report said.
“On April 29, the Central Bank lowered its key interest rate from 17% to 14%, which is a sign that the financial panic that began in February has eased a little,” the authors of the material believe.
The magazine notes that the Russian economy is undoubtedly shrinking, but some economists' forecasts of a "15% drop in GDP" this year "are beginning to look pessimistic."
At the same time, the publication drew attention to the fact that a number of enterprises in Russia are experiencing problems with the payment of wages to their employees.
Polish Prime Minister Mateusz Morawiecki said earlier that "Russia, unfortunately, is doing a good job with the sanctions."
According to Russian Deputy Prime Minister Alexander Novak, the sanctions policy could lead to an increase in the cost of living in the EU and the US, as well as to mass unemployment.
At the auction on Thursday, May 5, the dollar exchange rate on the Moscow Exchange fell to 65.3 rubles, and the euro exchange rate to 69.7 rubles.
The last time similar values could be observed was in the first half of 2020.
According to the head of the Accounts Chamber Alexei Kudrin, according to the base scenario of the Ministry of Economic Development, inflation in Russia this year will be 20.7%, and additional costs to support the economy will exceed 4 trillion rubles.