The Central Bank emphasized that against the backdrop of partial mobilization and the continuing growth in the demand of enterprises for labor, a shortage of workers is growing in many industries.
“Under these conditions, the growth of labor productivity may lag behind the growth of real wages,” the Central Bank noted.
The Central Bank experts emphasized that now the possibilities for expanding production in the Russian economy are significantly limited by the state of the labor market.
President of the Russian Federation Vladimir Putin previously said that in 2022, unemployment in Russia reached a minimum level of 3.7 percent (before the pandemic, the figure was 4.7 percent), and inflation was lower than forecast.
The President urged the government to achieve growth in real incomes of the population.
