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Maximum poverty reduction in Russia is expected in 2023
The Russian government predicts a decline in poverty to historic lows in 2023. Previously, the forecast was less optimistic.
As they write "News”, The data are contained in the Unified Plan to Achieve National Development Goals until 2024. The document also discusses the planning period until 2030. According to the Cabinet of Ministers, the number of the poor will decline faster than previously predicted. Moreover, it will begin in 2021 and will last for the next three years.
This year, the share of residents with incomes below the subsistence level will decrease to 11,4% instead of the previously planned 12,1%. In 2022, the share of the poor will be 10,8%, and in 2023 - 10,1%. Previously, Russia reached its historical minimum in 2021 - the share of the poor was then 10,7%. By 2030, the number of citizens with incomes below the subsistence level will be 6,5%.
However, as noted by the deputy head of the Ministry of Economic Development Polina Kryuchkova, the adjustment of expectations is associated with a new method of calculating the subsistence minimum. Earlier EastRussia wrote that from 2021 it began to be calculated based on median income, not the cost of the consumer basket.