Growth may be slowing, but Russia’s economy is essentially sound. That’s the message Vladimir Putin is keen to purvey; and by way of proof he cites Russia’s incredibly low unemployment rate: just 2.1%. He’s got it back to front, said Alexander Kolyandr in The Spectator.Far from being a comfort, this figure should cause Putin huge alarm. It underscores the fact that his nation is undergoing its worst labour crisis in decades: it “has run out of workers”. The crisis has its roots in the low birth rates of the 1990s, but the war in Ukraine has “poured fuel on it”.
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