Labour markets in Russia, Belarus and Kazakhstan

Abstract

Labour markets are a key element of an economy as they determine what proportionof the population is employed and what areas need attention in terms of gettingmore of the labour force into work. The performance of the labour market reflectshow well the economy is functioning as a whole. Indeed, economic growth is thesum of productivity growth and labour force growth: less of the latter makes itharder to grow faster, creating a vicious cycle of weak GDP growth, weak jobgrowth and low labour force participation. This clearly illustrates that the labourmarket plays a key role in the overall growth of an economy. In this article, theauthors focus on the experience of Russia, Belarus and Kazakhstan and how theirlabour markets function, concluding that the key priorities for all these governmentsis the proper allocation of resources, such that the quality of the labour force isenhanced and matches the precise areas of labour demand, as well as living standardsenhanced and workers’ rights protected.