The shortage of labor that Russia is currently experiencing should support the introduction of new technologies and increased labor productivity, said Russian Finance Minister Anton Siluanov. According to him, now the Russian economy is facing a set of risks that the state needs to respond to.
“The shortage of labor force will now just spur productivity growth. That is, we always say that if we have a cheap resource, then there is no reason to introduce new technologies, energy saving. The same is true here. This must be supported,” Mr. Siluanov said at the Gaidar Forum (TASS quote).
According to him, among the risks are the principles of ESG (translated from English: environmental – ecology, social – social development, governance – corporate governance), geopolitics and trade protectionism. The Minister noted that these factors will hinder the growth of both the world economy and the Russian one.
Mr. Siluanov also spoke about the need to reduce shareholder risks. “There is money now, big profits, huge profits. The question is that these profits go to new jobs, new industries, and so on. And here the issue is the protection of property, guarantees of macro-stability: inflation, exchange rate, tax, and so on. We need to say this more clearly to business,” the minister added.
The head of the Central Bank, Elvira Nabiullina, supported the minister’s conviction. According to her, it is necessary to ensure the predictability of the rules in the economy, “including price regulation.”
Read more about why Russia has a shortage of labor in the Russian market, read in the material “Kommersant FM” “The labor market lacks personnel.”
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