September 4, 2023
THANKS, VLAD!:
Russia's massive brain drain is ravaging the economy - these stunning figures show why it will soon be smaller than Indonesia's (Business Insider, September 3, 2023)
Since Vladimir Putin launched the invasion in February 2022, emigration out of Russia has exploded, with some estimates putting the exodus at 1 million people. A recent analysis from the policy platform Re: Russia narrowed the number to 817,000-922,000.That's contributed to a record labor shortage, with 42% of industrial firms unable to find enough workers in July, up from 35% in April.The composition of Russia's exodus also points to the best and brightest fleeing the country. While a barrage of Western sanctions incentivized many to leave for economic reasons, others fled to avoid military service, skewing the numbers toward younger Russians.Workers under the age of 35 now account for less than 30% of the labor force, the lowest on record going back 20 years.And according to a report from the French Institute of International Relations, 86% of those who have left Russia are under the age of 45, and 80% have a college education. At least 100,000 IT professionals moved out of Russia in 2022, a Kremlin official estimated last year.
Why would anyone with a brain stay.
Posted by Orrin Judd at September 4, 2023 11:13 AM