Russia faces unprecedented labour shortage, Central Bank chief says

Russia is experiencing an unprecedented labor shortage that is increasingly shaping the country’s economic outlook and policy decisions, according to Central Bank Governor Elvira Nabiullina.

Speaking at the Alfa Summit, Nabiullina said the current situation in the labour market is unlike anything seen before, Caliber.Az reports per Russian media. 

“We’ve never encountered such conditions,” she noted, adding that the shortage is having a broad impact on the economy and influencing the Central Bank’s approach to monetary policy.

She also emphasised that more timely labor market data would improve the regulator’s ability to respond effectively.

Recent analysis by consulting firm FinExpertiza highlights the scale of the issue. Over the past five years, the country’s labour reserve—defined as people who are not currently employed but are willing to work—has declined significantly, from around 7 million to 4.4 million individuals.

Despite this contraction, there are currently an average of 2.6 potential job seekers for every available vacancy nationwide, suggesting ongoing mismatches in the labor market. At the same time, overall employment has risen, increasing from 71.7 million people in 2021 to 74.4 million in 2025.

FinExpertiza President Elena Trubnikova said the steady decline in the labour reserve shows no signs of reversing. The trend points to a gradual depletion of Russia’s available workforce, raising concerns about long-term economic growth and productivity.

By Sabina Mammadli