Russia Real Wages Improving

President Vladimir Putin said Russia’s economy is returning to growth and there are signs that real wages are improving as the country emerges from its longest recession this century, Bloomberg reported. While “of course” economic difficulties remain, a “positive trend has emerged, and in recent months we observe very modest, but still growth in real wages in the real sector of the economy,” Putin said. “That inspires a certain confidence that the movement will be positive in the near term.” Gross domestic product will likely shrink by 0.5% to 0.6% in 2016, rather than a previously forecast 1%, while the budget deficit will be 3.7% this year, Putin said.