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Russia is already suffering from a severe labor shortage, and Russia’s immigration crackdown could deal an even bigger blow to its economy.
The Kremlin has said it will tighten restrictions on immigration to Russia after a terrorist attack at a concert in Moscow killed more than 140 people and injured more than 100. Russian authorities said some of the attackers were found to be in possession of expired immigration documents. bloomberg It was reported on Monday.
Lawmakers are currently working to pass new rules that would require immigrants to register a digital profile containing biometric data in order to work in Russia.Meanwhile, deportation activity is rapidly increasing domestically, with courts in St. Petersburg 466 migrants ordered to leave Russia Since the attack, according to a report by Russian independent media outlet Meduza.
Such measures could ultimately hurt Russia’s economy, which is suffering from severe labor shortages. According to estimates by the Russian newspaper Izvestia, the country will have a labor shortage of nearly 5 million people by the end of 2023.
Russia is likely to have increased its dependence on migrant workers since its invasion of Ukraine, which forced about 1 million of its citizens into exile in 2022. Currently, there are approximately 3.5 million to 5 million migrant workers in the country. bloomberg economics It is estimated that only 1.7 million cases are recorded in official statistics.
Economists have warned of the long-term impact of Russia’s labor shortage, which could further pressure the country’s growth prospects as the war enters its second year. Bloomberg estimates that the loss of just another 300,000 workers could reduce gross domestic product (GDP) by 0.2% next year, stimulating inflation and potentially keeping interest rates high for an extended period. There is also gender.
These results are evidence that Russia has paid the price for its invasion of Ukraine in many ways, now and in the future. Military spending is supporting the Russian economy in the short term, but it won’t last forever, European researchers recently warned, predicting a further slowdown in Russia’s economic growth trajectory in 2024. ing.