Russian Central Bank warns of growing labor shortage caused by mobilization

Source: Russian Central Bank

In a press release following its final meeting of the year, Russia’s Central Bank warned that the country’s “labor shortage is growing in many sectors” due to mobilization.

The bank noted that unemployment is at a historic minimum, while the increase in real wages is accelerating and could outpace productivity growth.

“At the current stage, the possibilities of expanding production in the Russian economy are largely limited by the state of the labor market,” read the statement.

The bank decided to hold its key interest rate at 7.5 percent.

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Russian Central Bank warns of growing labor shortage caused by mobilization

The banker’s dilemma How Elvira Nabiullina and her team have tried to save Russia’s economy amid war and sanctions

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