Akhapkin N.Yu. STRUCTURAL DYNAMICS OF THE RUSSIAN LABOR MARKET: EFFECTS OF SANCTIONS RESTRICTIONS

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 6/2024. Economics and Management.

Nikolay Yu. Akhapkin

Cand. Sci. (Econ.), Associate Professor, Leading Researcher, Institute of Economics of the Russian Academy of Sciences, Moscow, Russia

ORCID: 0000-0002-6571-1618

STRUCTURAL DYNAMICS OF THE RUSSIAN LABOR MARKET: EFFECTS OF SANCTIONS RESTRICTIONS

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After February 2022, when the sanctions pressure on Russia radically increased, the conditions and factors of development of the national labor market changed significantly. Despite the decrease in the unemployment rate, which reached a minimum for the entire period of observations conducted by Rosstat in accordance with the ILO methodology, the tension in this market did not decrease. Its nature changed. Structural problems came to the fore. The transition of the economy after a relatively short recession to growth led not only to the preservation, but also to an increase in demand for labor. It became so significant that even with the maintenance of labor supply volumes, the problem of labor shortage sharply worsened, becoming a systemic problem. Its main indicators are a record decline in unemployment and an acceleration in the growth rate of vacancies. New priorities for economic development have led to shifts in the employment structure. Regional labor markets, especially those with persistently high unemployment, have received additional impetus for development. In their totality, the sanctions restrictions, coupled with changes in economic policy as a response to increased geopolitical challenges, have led to a change in the functioning of the Russian labor market. Statistical analysis allows us to assess the scale and nature of these changes, but the question of how sustainable they are remains open.

Keywords: unemployment, employment, labor shortage, labor force, labor market, sanctions, labor demand, labor market structure.

JEL: J11, J21, O11

EDN: SFLLCO

DOI: https://doi.org/10.52180/2073-6487_2024_6_7_23

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Manuscript submission date: 08.11.2024

For citation:

Akhapkin N.Yu. Structural dynamics of the Russian labor market: effects of sanctions restrictions // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2024. № 6. Pp. 7-23. (In Russ.). https://doi.org/10.52180/2073-6487_2024_6_7_23 EDN: SFLLCO

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