In the year 2020 due to the crisis will stop the growth of real incomes of the population, which lasted for three years.
The main reason is the decline in business activity, wages and unemployment. This is stated in the report of the National Bank on financial stability in June 2020.
“The decline in growth was observed even in 2019… mainly due to the slowdown in growth of wages — a major component of real disposable income. Quarantine affected it in wages… In April for the first time since March 2016 real wages decreased by 0.5% p/s due to low business activity and reduced demand for labour. In this case, the number of employees among the respondents for the month declined by a quarter. A third of Ukrainians completely lost income or a job, and more than a third decreased the regular family income,” — noted in the NBU.
It is reported that according to the State employment service at the end of may the number of registered unemployed increased by almost 1.5 times in comparison with March.
The national Bank increased the transparency of decision-making on application of measures of influence applied to banks
“According to NBU estimates, this year, real wages will not increase,” the report says.
According to estimates of the national Bank, the negative effect on income reflected, in particular, falling wages of migrant workers. The reason is the lower intensity of labour migration.
“So, in 2020 a three-year trend of income growth will stop. Fears of a second wave of the pandemic in the fashion industry, will hold back job recovery. Wage growth after the lifting of the quarantine is unlikely. Even before the crisis the rapid growth of spending on wages held back growth of profitability of enterprises. Reduced the income of physical persons-entrepreneurs, which now generates nearly a quarter of the disposable income of the population, this segment of the quarantine restrictions hooked the most,” — says the report of the NBU.
As reported, the results of the NBU’s stress test found that nine banks may violate the capital adequacy indicators, two of them — the state.