Page 43 - RusRPTOct23

on employing teenagers as young as 14 should be lifted.
According to data quoted by TASS, the number of workers under 35 in Russia is at its lowest share of the labour market since the early 1990s, with the most significant decrease in 2022 amongst those aged between 25 and 29. This is hardly surprising when Russia is drafting hundreds of thousands of men for the front.
It is also no secret that the war has exacerbated Russia’s long-term “brain drain”. It is estimated that 10% of the high tech workforce left Russia in 2022.
Altogether, emigration and mobilisation may have cost the Russian workforce approximately 2% of male workers aged 20-49 last year. By the end of 2022 the ratio of vacancies to jobseekers in Russia had risen to 2.5, as compared to the ratio of 1.6 in the USA today, which is generally reckoned to be at full employment.
The global economy suffers from the war in Ukraine and the pandemic.The global economy has demonstrated resilience to a few negative shocks — pandemics, wars, climate events, and the cost-of-living crisis. The recovery from these shocks continues slowly and unevenly, IMF chief Kristalina Georgieva said. "Trillions of dollars in global production have been lost compared to pre-pandemic global trends," she said. According to her, only the US has fully recovered among the largest economies. The Eurozone continues to lag by around 2%, while China and other developing and emerging market countries lag by around 5%, with low-income countries suffering even more. "After solid growth of more than 6% in 2021, the recovery has slowed significantly, mainly due to the shock of Russia's war in Ukraine. We forecast that this weakness will persist, with global growth of around 3% over the medium term, added Georgieva. This is the lowest growth in recent decades in terms of inflation.
43 RUSSIA Country Report October 2023 www.intellinews.com