Russian Sberbank CEO German Gref has stated that the country requires millions of skilled migrants to achieve a projected annual growth rate of 3.2% through 2030. Gref, a close ally of President Vladimir Putin, made this assertion during a warning to Russia"s State Council.
He emphasized that sustaining this level of growth will necessitate either increased productivity or a significant expansion of the workforce through skilled immigration. Gref"s comments come in light of acute labor shortages in Russia, which have been worsened by military mobilization and rising wage inflation.
As a result of these challenges, Sberbank has revised its GDP growth forecast for 2025 to just 0.8%, a significant decrease from the 4.3% projected for 2024.
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