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Work Force Shortage to Affect GDP

February 14, 2008 | www.kommersant.com

The number of economically active population reached 75.3 million past year in Russia. The employment growth that drove down unemployment indicator to unusually low level, accounted for a third of economy’s advance.
In Russia, the number of economically active population finally matched the record level of 1992, signaled the 2007 report of Russia’s Statistics Service. First time in 15 years, the official statistics showed the work force of over 75.3 million. The benchmark of 75 million was hit first time from 1992.

The number of economically active population stepped up first of all on the growth in employment and the increase of the employed-to-able-bodied ratio. The matter at stake is mostly the unemployment reduction. Russia had 9.4 million unemployed in 1999, but the indicator lowered to 6.2 million in 2003, sank to 5.6 million in 2005 and shed to the record 4.6 million in 2007.

But the indicators won’t be so healthy very soon. In 2009 to 2010, the absence of democratic reserves will force the government either to lift restrictions on labor force import or put up with decline in the GDP growth. The labor efficiency that is fueled by investments is stepping up slower than demand for new workers.

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