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[[File:Flag of Russia.png|right|thumbnail|250px|The flag of [[Russia]] ]]
[[File:Flag of Russia.png|right|thumbnail|250px|The flag of [[Russia]] ]]
Russian [[GDP]] nominally rose more than any [[G7]] country in 2023. The average Russian household ended the year with about 18% more money in the [[bank]] than a year earlier. Sberbank, Russia’s largest state-controlled bank, posted a 5.5-fold year-on-year net profit jump to a record high of 1.5 trillion rubles (USD $16.3 billion). The defense industry employs 3.5 million people and many factories have doubled their workforce since the beginning of the [[SMO]]. The economic boom is result of defense [[stimulus]] spending, [[Keynesian economics]], a government [[deficit]]s. Compared to the [[United States]], Russia is a piker in the debt markets. The U.S. gas $35 trillion [[national debt]] and growing), nearly a $1 trillion dollar defense budget, does not produce tanks, failed to produce a functional [[hypersonic missile]], incapable of matching Russia’s output of [[artillery]] shells, and has become largely a service economy.
Russian [[GDP]] nominally rose more than any [[G7]] country in 2023. The average Russian household ended the year with about 18% more money in the [[bank]] than a year earlier. Sberbank, Russia’s largest state-controlled bank, posted a 5.5-fold year-on-year net profit jump to a record high of 1.5 trillion rubles (USD $16.3 billion). The defense industry employs 3.5 million people and many factories have doubled their workforce since the beginning of the [[SMO]]. The economic boom is result of defense [[stimulus]] spending, [[Keynesian economics]], a government [[deficit]]s. Compared to the [[United States]], Russia is a piker in the debt markets. The U.S. gas $35 trillion [[national debt]] and growing), nearly a $1 trillion dollar defense budget, does not produce tanks, failed to produce a functional [[hypersonic missile]], incapable of matching Russia’s output of [[artillery]] shells, and has become largely a service economy.
== Russia's labor crisis ==
''See also:'' [[Russia's labor crisis]]
The Center for European Policy Analysis reported on March 9, 2024:
{{Cquote|Towards the end of last year, experts from the Institute of Economics of the Russian Academy of Sciences estimated that [[Russia]] faced a shortfall of nearly 5 million workers in 2023, which is already impeding economic growth. The total workforce is a little under 74 million.
With perhaps a million Russians, including many working-age men, having fled the country, with more than 300,000 dead or wounded in Ukraine, with more than a million men in the military, and a fertility rate of 1.5 — far below the so-called replacement rate of 2.1 — the country simply cannot meet its needs.
The head of the Central Bank is among those describing it as the country’s most serious problem, hardly surprising when unemployment is just 2.9% and the vacancy rate is 6.8%.
This scarcity is particularly pronounced in the manufacturing, construction, and transportation sectors. According to recruitment agencies and company management, the workforce deficit will worsen in 2024.
Beyond skilled professionals, Russia struggles to meet even basic labor demands, including those for military purposes. Increasingly, schoolchildren and students are being enlisted for war-related tasks. Just last week, a major investigation revealed how minors as young as 14 are involved in activities for the “Mayor’s Labor Unit” in Krasnoyarsk, weaving camouflage nets and preparing parcels for frontline needs.<ref>[https://cepa.org/article/russia-seeks-africans-to-fix-its-workforce-shortages/ Russia Seeks Africans to Fix its Workforce Shortages], Center for European Policy Analysis, March 9, 2024</ref>}}
== Russia's business environment ==
== Russia's business environment ==