Russian Labor Shortage Hurts Economy
A lack of Russian workers is hurting Estonia's economy. This is because many Russians are leaving or being called up for military service. High oil money isn't enough to overcome this problem.
Peeter Luikmel, an economist at the Bank of Estonia, says the shortage is a major issue. The military in Russia is taking people to fight. Many Russians are also choosing to leave the country. Estonia gets a lot of money from selling oil. However, this money cannot fix the lack of workers.
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Highlights
Russian Labor Shortage Impacts Economy
Peeter Luikmel says a worker shortage is hurting Russia's economy.
Mobilization and Emigration Cause Problem
Military mobilization and people leaving the country are causing the shortage.
High Oil Revenues Not Enough
Even with high oil money, the shortage is slowing growth.
Bank of Estonia Economist Speaks
Peeter Luikmel, an economist, is commenting on the situation.
Shortage Hinders Economic Growth
The worker shortage is preventing Russia’s economy from growing.