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According to a recent study by Nikolay Akhapkin, a researcher at the Institute of Economics of the Russian Academy of Sciences (RAS), the Russian economy is suffering from a skilled labour shortage. According to a report published earlier this week in the RAS Herald, Russia will be short 4.8 million jobs by the end of 2023.
Akhapkin noticed that the scarcity has grown dramatically in the two years since the imposition of Western sanctions over the Ukraine crisis, despite the fact that workforce supply, or the number of individuals already working, has remained consistent. Unsatisfied labour demand is already a factor impeding economic growth. He did, however, point out that the intensity of the trend varies by sector of the economy.
According to the country’s statistics department, Rosstat, unemployment in Russia fell to a record low of 2.9% in October, the lowest figure since the early 1990s. Experts see the pattern as a warning sign, confirming that the pool of unemployed people is gradually shrinking. Last month, Russian Central Bank Governor Elvira Nabiullina identified labour scarcity as the primary economic challenge. Similarly, Economic Development Minister Maxim Reshetnikov identified the metric as the primary internal risk factor for the country.
Staff shortages prevent businesses from producing the appropriate volume of goods and services, causing GDP growth rates to slow and inflation to accelerate, according to Aleksandr Safonov, professor of Psychology and Human Capital Development at Russian Financial University.
He projected that the labour shortage would be more severe next year in industries with low incomes, tough working conditions, and locations in distant areas. Agriculture, housing, communal services, and building are among them. He did, however, note that high-level software specialists, engineers, technicians, machine operators, drivers, and robotics science specialists would remain in high demand.
