Labor market dynamics in Russia in 2022

Viktor Lyashok and Ulyana Podverbnykh
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Viktor Lyashok: RANEPA
Ulyana Podverbnykh: RANEPA

Published Papers from Gaidar Institute for Economic Policy

Abstract: In 2022, the labor market saw an ambiguous situation. On one side, in 2022 it completely recovered after the coronacrisis: the level of unemployment fell below the pre-crisis values and wages kept growing in real terms. On the other side, as far back as the beginning of 2022, the Russian economy encountered various, mostly negative, implications related with the special military operation, including foreign economic sanctions and the exit from the Russian market of a number of foreign companies, while from September it was the partial mobilization and increased outflow of a portion of the workforce abroad. At the same time, the Russian economy demonstrated a high degree of resilience and economic recession turned out to be substantially lower than predicted at the beginning of the year. In the new economic environment, employers have been actively using the main mechanisms of adjustment to economic crises since last spring; these mechanisms have been developed during the past 30 years and helped overcome effectively the most acute phase of adaptation.

Keywords: Russian economy; labor market; unemployment; employment (search for similar items in EconPapers)
JEL-codes: J21 J22 J23 (search for similar items in EconPapers)
Pages: 7 pages
Date: 2023, Revised 2023
New Economics Papers: this item is included in nep-cis
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