Unemployment In Russia Seen Doubling To Ten Percent By Early 2018 – OpEd

Despite all the ways Russian firms and officials have of minimizing unemployment – cutting hours, not paying workers and simply lying – independent Moscow economic experts say that the condition of the economy is now so dire that unemployment may double to ten percent by the beginning of next year.

Anna Pestevera of Kommersant reports that these cuts are likely because it is at the end of the year that companies compile their earnings and losses for the year and make plans for the year ahead, including for the new range of sanctions that the United States is set to impose on February 2 (kommersant.ru/doc/3466194?tw).

Alena Vladimirskaya of the Anti-Slavery Project said that major reductions “from five to fifteen percent” are now expected in companies in various branches as a result of the changing economic situation. “Traditionally,” she adds, “reductions in force take place when organizations sum up their financial results,” something that happens from December through March.

Georgy Dzagurov of Penny Lane Realty says cutbacks are likely among workers like Uber and other taxi drivers but now among those in the IT sector. Irina Rys of Lanta Bank says they will occur in firms doing business abroad who can tell that their activities are likely to decline in the new year.

And Sergey Vikulin, director of the Raschini Fashion House, says that as economic conditions have deteriorated, managers are looking to weed out people who are not being as productive as needed for their companies to survive.


Enjoy the article?

Did you find this article informative? Please consider contributing to Eurasia Review, as we are truly independent and do not receive financial support from any institution, corporation or organization.


 

Paul Goble

Paul Goble

Paul Goble is a longtime specialist on ethnic and religious questions in Eurasia. Most recently, he was director of research and publications at the Azerbaijan Diplomatic Academy. Earlier, he served as vice dean for the social sciences and humanities at Audentes University in Tallinn and a senior research associate at the EuroCollege of the University of Tartu in Estonia. He has served in various capacities in the U.S. State Department, the Central Intelligence Agency and the International Broadcasting Bureau as well as at the Voice of America and Radio Free Europe/Radio Liberty and at the Carnegie Endowment for International Peace. Mr. Goble maintains the Window on Eurasia blog and can be contacted directly at [email protected] .

Leave a Reply

Your email address will not be published. Required fields are marked *

CLOSE
CLOSE