Russia reports record-high employment rate

At the 29th St. Petersburg International Economic Forum, Russian Deputy Prime Minister Tatyana Golikova reported that the country's workforce participation has reached a record high of 61.5%, while the unemployment rate remains at a historic low of 2.2%. Despite these strong figures, Golikova highlighted significant structural challenges within the labor sector, noting Russia's 37th global ranking in labor productivity. She suggested that the adoption of generative artificial intelligence (AI) and robotic systems could potentially increase labor productivity by 21% by 2032. Golikova emphasized that AI should be viewed as a tool for enhancing efficiency rather than replacing workers, and that equipping the workforce with necessary skills for emerging technologies is a key priority. She indicated that AI could reduce labor demand by approximately 10% if about 30% of its potential is realized, with the retail, logistics, and warehousing sectors being most affected. The forum itself, often called the 'Russian Davos', is taking place from June 3 to 6 and is expected to host around 20,000 participants from over 100 nations. A book on Xi Jinping's governance was also launched at the event.