How Low Unemployment Affects the Russian Economy
Posted: Wed Jan 22, 2025 6:22 am
Against the backdrop of low unemployment and rising wages, now is a favorable time for those who could not previously find employment or retrain for a new profession, the All-Russian Research Institute of Labor is confident.
The forecast of analysts surveyed by the Central Bank indicates the preservation of the status quo on the labor market, believes Natalia Danina from hh.ru. Unemployment at 3-3.2% has a positive effect on both job seekers (in terms of maintaining increased demand and reducing the time it takes to find a job) and the state (savings on benefits for the unemployed), she emphasized.
The expert added: however, this el salvador whatsapp number database is a negative phenomenon for companies, as it means a further shortage of personnel and the need to raise salaries.
β The predicted increase in unemployment by 0.1% for Russia does not cause concern. And there are no reasons for its catastrophic increase, β says Tatyana Zakharova, associate professor at the Plekhanov Russian University of Economics.
The main question for the Russian economy is not how employment will increase, but how it will affect labor productivity, noted Natalia Milchakova from Freedom Finance Global. According to her, the latter will begin to grow when technological shifts occur (mass introduction of AI in production), but then unemployment will also increase. And this, in turn, can slow down inflation.
βIn Russia, the growth of employment has not yet led to an increase in labor productivity, which creates a threat of potential stagnation in the rate of economic growth,β added Natalia Milchakova.
Today, the main reasons for low unemployment are the growth of industrial production (primarily the military-industrial complex), import substitution, development of agriculture and domestic tourism, partial mobilization, listed Yulia Dolzhenkova from the Financial University. All this creates additional jobs.
In addition, Russia is characterized by a high level of hidden unemployment - when an employee is formally on the payroll, but is employed part-time or is on unpaid leave. According to the expert, the departure of Western companies is intensifying this trend.
The main disadvantage of low unemployment is the shortage of personnel, but there are also advantages: the labor market is becoming more civilized, SuperJob noted. According to the company, employers are increasingly abandoning gender preferences, paying less and less attention to the social status of candidates, and job seekers do not agree to work for a "gray" or "black" salary.
The forecast of analysts surveyed by the Central Bank indicates the preservation of the status quo on the labor market, believes Natalia Danina from hh.ru. Unemployment at 3-3.2% has a positive effect on both job seekers (in terms of maintaining increased demand and reducing the time it takes to find a job) and the state (savings on benefits for the unemployed), she emphasized.
The expert added: however, this el salvador whatsapp number database is a negative phenomenon for companies, as it means a further shortage of personnel and the need to raise salaries.
β The predicted increase in unemployment by 0.1% for Russia does not cause concern. And there are no reasons for its catastrophic increase, β says Tatyana Zakharova, associate professor at the Plekhanov Russian University of Economics.
The main question for the Russian economy is not how employment will increase, but how it will affect labor productivity, noted Natalia Milchakova from Freedom Finance Global. According to her, the latter will begin to grow when technological shifts occur (mass introduction of AI in production), but then unemployment will also increase. And this, in turn, can slow down inflation.
βIn Russia, the growth of employment has not yet led to an increase in labor productivity, which creates a threat of potential stagnation in the rate of economic growth,β added Natalia Milchakova.
Today, the main reasons for low unemployment are the growth of industrial production (primarily the military-industrial complex), import substitution, development of agriculture and domestic tourism, partial mobilization, listed Yulia Dolzhenkova from the Financial University. All this creates additional jobs.
In addition, Russia is characterized by a high level of hidden unemployment - when an employee is formally on the payroll, but is employed part-time or is on unpaid leave. According to the expert, the departure of Western companies is intensifying this trend.
The main disadvantage of low unemployment is the shortage of personnel, but there are also advantages: the labor market is becoming more civilized, SuperJob noted. According to the company, employers are increasingly abandoning gender preferences, paying less and less attention to the social status of candidates, and job seekers do not agree to work for a "gray" or "black" salary.