Mishustin urged to be ready for changes in the labor market

Russia must be ready for changes in the labor market due to economic restructuring, Prime Minister Mikhail Mishustin said at a meeting on economic issues.

“We need to be prepared for possible changes in the labor market that are associated with such a restructuring of the economy. In many areas, there is now a shortage of personnel, it is necessary to take specific decisions to overcome it and to ensure market flexibility,” quotes Mishustin government press service.

The head of the Cabinet recalled that the unemployment rate remains at “extremely low values” – in September it was less than 4%. Mishustin noted that such indicators were achieved thanks to the preventive measures taken on the instructions of President Vladimir Putin, including those to support employment.

Deputy Prime Minister Tatiana Golikova reportedthat the level of registered unemployment in Russia has decreased. Speaking about data in October, she noted that the number of registered unemployed fell by 25,000 to 621,400.

In October, Elvira Nabiullina, Chairman of the Bank of Russia statedthat in Russia it is necessary to carry out a restructuring of the economy. She urged “to look at the situation soberly with open eyes”, and also to be ready for any development of the situation.

In May, the head of the Accounts Chamber Alexei Kudrin expressed the opinion that the Russian economy will be rebuilt in one and a half to two years: during this time, GDP will decline, and then move on to growth. Kudrin explained that the scale of the changes so far only manifests itself as the sanctions come into force, taking into account which the Russian economy will be rebuilt for the next one and a half to two years.

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