The economic crisis in Russia has lasted 15 years. Expert opinion

Economist Georgy Ostapkovich said that Russia has never recovered from the 2008 crisis.

He said this in a conversation with URA.RU. He noted that it is possible to fight rising inflation by helping the poor population, including the use of ration cards.

“In 2009, our GDP fell by 7.8% instead of the previous five-plus years’ growth. Profits were rising due to the growth of the economy. Profits went to innovation and payroll, and profits grew on that. The crisis knocked out the nation’s economy. From 2009 to 2022 we have an average annual growth rate of 1.3-1.4. Since 2014, incomes started to fall,” Ostapkovich explained.

He added that at the moment incomes have fallen by 6-7% compared to the period of the beginning of the economic crisis. The salary fund, in his opinion, did not come out of the “hole”, salaries are paid from profits.

“If it [profit] grows, then the economy grows,” he concluded.

According to Ostapkovich, real incomes are not yet reaching the level they were before 2008.

“Accrued wages are growing by 12% approximately, but this is accrued, while real ones are lower. Because you have to subtract inflation and mandatory payments, including loans. Credits were lower, because given the incomes, it did not make sense to take loans. Real incomes were growing at 12% and inflation was 10%. When the growth rate of real disposable income overtakes the growth rate of inflation, everything is on the plus side,” the expert said.