Support The Moscow Times!

Russians' Anxiety Over Economy Grows as Talk of Crisis Becomes Reality

Russians' anxiety about the state of the economy is growing as they confront inflation and falling incomes, a poll released Wednesday showed.

Almost four-fifths of working Russians are worried about the crisis closing in on the economy, a survey by consumer researcher Synovate Comcon found — 8 percent more than last month and just below the peak of angst recorded by the company in 2009, when 84 percent of Russians were spooked by the economy's 8 percent contraction that year.

The poll showed that 91 percent of respondents said they or their relatives had suffered from price rises over the last month, a 5 percent increase from December and far more than in 2009, when 79 percent felt the pinch of inflation.

Russia's economy is expected to shrink this year by up to 5 percent due to low oil prices and Western sanctions over Moscow's role in Ukraine. A halving in the value of the ruble over the past year has pushed inflation into double-digits, and food price rises in particular are accelerating.

The shocks are beginning to feed through to wages: 48 percent of respondents said they or their relatives had felt their salaries and bonuses shrink, 2 percent more than in December. Many have begun trimming their spending, particularly on holidays and leisure, the poll found.

In a sign that the economic trauma might become a political problem, Russians placed the economic crisis above the conflict in Ukraine on a list of problems facing the country — a reversal from the previous month.

Less than half of respondents named sanctions and Russian counter-sanctions as an important issue.

The poll was conducted from Jan. 13-16 and questioned adults aged between 18 and 45 in Russian cities with a population over one million. No margin of error was given.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more