Tretyakovsky Proezd of Moscow, the street of boutiques and expensive stores
Photo: Yury Martyanov
|
 |
Wealthy Russians to Lose $300bn on Global Collapse
The wealthy Russians will lose roughly $300 billion on the drop in capitalization of the country’s stock market, the World Bank forecasted in the report covering Russia’s economy.
What’s more, the industrial slowdown will impair the actual income of middle class and of the poor in Russia. As to the latter, the World Bank experts came up with two different scenarios.
Under the pre-crisis scenario that is based on the surge in per capita GDP of 6.8 percent in 2008 and of 6.5 percent in 2009, the share of the poor will narrow to 10.2 percent in 2008 and to 8.6 percent in 2009, shedding by nearly a third in 2007 through 2009. Some 5.7 million will leave the poor category if this scenario ultimately materializes.
The second scenario has been made out with regard to financial collapse. It specifies the slowdown of 6.5 percent in 2008 and 3.5 percent in 2009 and foresees extension of the poor share to 10.4 percent in 2008 and 9.5 percent in 2009. As a result, the number of people that will escape from the poor category will be 1.3 million less in 2007 to 2009, according to the World Bank.
The World Bank downgraded the forecasted growth of Russia’s GDP from 6.8 percent to 6 percent in 2008 and from 6.5 percent to 3 percent in 2009. According to its outlook, the unemployment in Russia will step up to 5.9 percent by this year-end (the previous forecast was 5.3 percent).
www.kommersant.com
|
|
|
