Page 50 - RusRPTNov23

4.5 Labour and income
4.5.1 Labour market, unemployment dynamics
For months, the defence-industrial complex siphoning workers away from other industries has been causing problems for the Russian economy. The prioritization of the war, military mobilization, the flight of tens of thousands of skilled professionals and workers, and a demographic slump have all resulted in record low unemployment rates. According to the Central Bank’sSeptember report
labour productivity in
on regional economies, 60% of companies have
experienced labour shortages. The situation is especially bad in transportation
and manufacturing—industries that now work around the clock to serve the
state defence order. In addition, according to Rosstat,
Russia dropped by 3.6% over 2022, the biggest one-year drop since the global
economic crisis. This itself could be the consequence of labour shortages, as
companies are now hiring less qualified workers (often for higher salaries).
50 RUSSIA Country Report November 2023 www.intellinews.com