Low unemployment rates in Russia do not speak about the efficiency of its economy, on the contrary, they stem from poor labor productivity when more people are needed to manufacture one unit of output, head of the Russian Central Bank Elvira Nabiullina said on Sunday.
"We have a production slump but rather low unemployment. There are not many efficient free capacities. Unemployment is low because labor productivity is low. We have a vast potential to boost labor productivity," she said.…Productivity is basic to growth of both output and standard of living. Productivity increase requires technological innovation, as well as improvement in efficiency management.
Low unemployment in Russia stem from poor labor productivity, Central Bank head says
The old model of the Russian economic growth, based on oil prices, is exhausted, and a new model should be based on investment, governor of the Central Bank Elvira Nabiullina said on Oct. 2.Russia Beyond the Headlines
Old model of Russian economic growth exhausted itself - Central Bank head
Russia needs to transition from an extraction-based economy susceptible to Dutch disease to a modern diversified economy with greater breadth and depth (horizontal and vertical integration) that is both independent and sustainable, without being autarkic. The people in charge know this.