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Increasing labour productivity is a key factor in economic development. However, the ageing population and lack of knowledge in new technologies have led to a slowdown in the growth of this index worldwide: in 2011–2015 the rate was 1.5 times less than in 1995–2007. For Russia, this issue is even more pressing: its labour productivity is twice as low as that of the ОECD countries. The Government’s goal is to ensure its 5–6% growth annually. The Stolypin Club and the Center for Strategic Research (CSR) have come up with a number of solutions based on unlocking high tech potential, development of education and improvement of work and life conditions.
The global economy is facing a slowdown in labour productivity, sometimes accompanied by a crisis in demographics.
To resolve the issue, governments, economists and experts worldwide propose a number of priority measures:
In Russia, the issue of low labour productivity is the most pressing.
This results in a widening gap between Russia and leading economies.
The growth of labour productivity should be accelerated to at least 5–6% annually, President Vladimir Putin stated at the meeting of the Council for Strategic Development and Priority Projects in March 2017. ”These numbers can be achieved through boosting efficiency of the national economy upon the whole and individual businesses in particular, offering new state-of-the-art work stations and modern jobs and competitive salaries,” he said.
Maxim Oreshkin, Russia’s Minister of Economic Development, has named the main reasons behind low labour productivity:
Another reason is a high degree of wear and tear of fixed assets. In late 2015, it was 47.7% across the national economy. In some industries, it was even higher: 55.8% in transportation and communications, 55.4% in mining, and 53.9% in healthcare and social services.
A new Labour Productivity priority project aims to solve these issues. The Government is to approve the passport of the programme by September 2017. A number of experts are involved in the process as well.
According to the Stolypin Club:
Alexey Kudrin, Head of the Center for Strategic Research, has listed the Center’s proposals in an interview to TASS:
At the CSR, they expect a 30% growth in labour productivity by 2024, should these proposals be followed.