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Oreshkin: There will be no cheap labor in the economy
Wages in Russia will continue to grow and there will be no cheap labor in the economy, said Deputy Chief of Staff of the Presidential Administration Maxim Oreshkin, speaking at the Productivity 360 forum.
The only way to deal with this problem, Oreshkin believes, is to increase labor productivity. It is necessary to implement investments in artificial intelligence, a new technological base, and implement automation programs.
The deputy head of the Blue House staff also mentioned the development of a lean manufacturing culture. Recently, many large companies, such as Rosatom and Sibur, have been actively developing it.
"Today we see mass participation in this process by a wide range of companies. People have begun to understand what lean manufacturing is, it has become fashionable, and this ideology has spread among the masses," Oreshkin said.
The updated macroeconomic forecasts of the Ministry of Economic Development show that real wage growth will be 9.2% in 2024, 7.0% in 2025 and 5.7% in 2026.
Analysts note that the Russian labor market is currently undergoing rapid changes. Over the past 20 years, there has been a transition from a general employers' market to a job seekers' market. This is mainly due to a labor shortage due to a decline in the birth rate due to an increase in life expectancy. The population is aging, and more Russians are retiring than young people entering the labor market.