Page 71 - RusRPTJul23

4.5.2 Income dynamics
The growth forecast for 2023 increased again — by 0.8 p.p. compared to the April survey to 9.7%. Expectations for growth in 2024-2025 are almost unchanged. Calculations based on analysts’ forecasts of nominal wages and average CPI suggest that real wages will increase by 3.8% in 2023, by 2.2% in 2024 and by 1.9% in 2025. Accordingly, by the end of the forecast horizon, real wages will be by 8.8% higher than in 2021.
71 RUSSIA Country Report July 2023 www.intellinews.com