Labor shortage, geopolitics and trade protectionism are the main risks for the Russian economy in 2022. This was stated by Russian Finance Minister Anton Siluanov at the Gaidar Forum, RIA Novosti reports.
“If we are talking about risks, then this, of course, is the risk of a shortage of labor. But maybe this will just spur labor productivity growth,” Siluanov answered the moderator’s question about the main risks for the growth of the Russian economy this year.
The Minister explained that the situation on the labor market is now similar to the one that was previously observed in the power industry. There, the cost of resources was low, and there was no incentive for companies to introduce new technologies and engage in energy efficiency.
“There are ESG risks (environmental, social and corporate governance - approx.). We have a big risk - geopolitics too. And trade protectionism,” he added.
According to him, a few years ago it would have been difficult to imagine the introduction of a ban on exports or restrictions on the supply of a certain group of goods, but now such decisions are being discussed and introduced.
“This is the risk that we see in the global economy, which will be hindered by growth,” the head of the Ministry of Finance explained.
Previously, large retail chains proposed restrictions for themselves. X5 Group, Magnit and Bristol are ready to set margins for the cheapest basic products at a level of no more than 10% until the end of 2022. The authorities expect other retailers to support the initiative.
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