“… Promised the Russians the growth of real wages and reducing unemployment

According to the Minister, given the increase in wages and lower mortgage rates, the real estate in Russia has become as accessible as possible

Photo: panthermedia/vostock-photo

– Unemployment in Russia remains at a record low and will be reduced, and growth in real wages will continue, said the Minister of economic development of Russia Maxim Oreshkin.

“From the point of view of the labour market, the situation remains very comfortable – we have record low unemployment, now it is about 5%. We expect that in the next three years, its structural level will gradually decrease, and unemployment will drop to the level of 4.7%,” – he said. at the meeting of the Russian trilateral Commission for regulating social-labour relations.

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According to the Minister, the growth of real wages in 2018 will reach 4% for 2017-2019, the Ministry expects growth of 10% in real terms.

The Minister noted the dependence of wages from productivity levels, the growth of which in 2017, up 2% vs. 0.1% in 2016.

“It is clear that the Russian economy is very serious demographic constraints – we have a very small generation enters the workforce. Low fertility was in Russia in 1999, this generation is now 18 years old, it is part of the labor force, so from this point of view to support the economic growth fairly weak,” he said.

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The Minister stated also that the property in Russia currently has become the most available, based on the ratio of the value of mortgages and average salaries of Russians. According to him, the average salaries have been growing actively in recent years in nominal terms and the cost of real estate, housing remained more or less stable.

“The outrunning growth of nominal wages and lower interest rates on mortgage loans makes real estate as accessible as possible,” – said Oreshkin.

He recalled that mortgage rates dropped below 10% and, according to the Russian banks now account for about 9%. Due to this, the Ministry expects to increase volumes of mortgage loans that will support strojkompleksa and the production of building materials.

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