Russia's economy hampered by low unemployment, minister says

© Photo: Maria Novoselova / Vestnik Kavkaza

The Ministry of Economic Development considers low unemployment in the Russian Federation to be a negative factor that slows down the economy. The human resource has become scarce, and migrants will help resolve the issue, the minister added.

Unemployment in Russia has fallen to a historic low since 1991 - up to 3%, but this is not a positive trend, the head of the Ministry of Economic Development, Maxim Reshetnikov, said.

“It’s hard to argue with the fact that human capital, human resource has become the scarcest resource in the economy. <…> This is also reflected in the extremely low unemployment rate: 3% is still abnormal for us. This is definitely a brake on the development of the economy, not a positive trend,”

- the minister said.