Russia is running out of workers
Vladimir Putin likes good statistics. At a government meeting on April 15, even as he acknowledged that growth was slowing, he pointed proudly to Russia’s unemployment rate: 2.1 percent, a record low. Proof, he suggested, that the economy remains fundamentally sound despite everything the West has thrown at it. The Russian President would do better to worry. A record low unemployment rate is not, in normal circumstances, cause for alarm. In Russia’s case it signals something closer to a slow-motion emergency. For the first time in its post-Soviet history, Russia has run out of workers. The governor of Russia’s Central Bank Elvira Nabiullina said as much the day after Putin’s
