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Why should we expect a slowdown of the Russian economy, what traps has it fallen into, what will help curb inflation, and what are the fiscal policy risks? These issues were discussed by economists at the Financial Congress of the Bank of Russia.
The macroeconomic situation is the overall performance of the country’s regional economies. Experts at the Bank of Russia’s Financial Congress assessed which regions are benefiting and which are losing out as a result of the ongoing transformation and structural changes.
There is not a single industry in Russia in which the overhang of job vacancies is not rising. Although the renewed growth of real wages will reduce this overhang, the labour shortage may persist for many years, according to Rostislav Kapeliushnikov, a labour market expert.
International sanctions have accelerated the transformation of the labour market which started during the pandemic. The market has moved from limited demand to limited supply, and this situation will persist for a long time, labor market expert Rostislav Kapeliushnikov says.
Many Russian firms prioritise their market position over productivity growth; low competition and high entry barriers reduce their incentives for innovation. This approach extends the life of inefficient businesses whilst undermining the sustainability of efficient ones.
One in five of Russian professionals with higher education and permanent employment are impoverished or low-income. According to the HSE, poverty among professionals, which seemed to be a thing of the past, is now returning, and the crisis may exacerbate it.
