Despite the record low level of unemployment in the Russian labor market, the lack of personnel in conditions of economic restructuring can lead to an unfair increase in the salaries of employees, regardless of the direct results of their work. About reported It is included in the “What Trends Say” report of the Central Bank (CBRT).
“The increasing rigidity of the labor market encourages wage growth without being directly tied to performance. According to the regulator’s report, labor shortages can hinder structural transformation processes.
At the same time, the shortage of personnel in the Russian labor market can cause delays in the processes of economic restructuring. In contrast, Central Bank analysts warned that a more rapid rise in wages, coupled with a relatively weak increase in labor productivity, could be followed by an increase in inflation in the country.
“Structurally, the Russian economy looks somewhat weaker than it was in 2021, in addition to the quantity and quality of labor resources and fixed capital, as well as the technological level,” the regulatory experts concluded.
January 31 Central Bank (CBRT) analysts declarationThat the level of economic activity in Russia has maintained a high growth rate since the end of 2022. At the beginning of 2023, this figure exceeded the quarterly expectations. At the same time, demand should optimally support the increase in budget expenditures.
Source: Gazeta
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