Russia Still Migrant Magnet Even as Wages Stay Below China's
The cathedral of Christ the Saviour on Spilled Blood, right, stands illuminated early morning during 'white nights' ahead of the St. Petersburg International Economic Forum 2016 (SPIEF) in Saint Petersburg, Russia, on Wednesday, June 15, 2016. The 20th anniversary St. Petersburg International Economic Forum which brings together heads of state and governments, political leaders, leading experts and global company executives runs from June 16-18.
Photographer: Andrey Rudakov/BloombergThe vast pool of labor across Russia’s porous borders is relieving strains in the labor market, helping drain the economy of inflationary pressure as it accelerates after almost two years of recession.
A steady flow of arrivals has continued even as shrinking wages and Russia’s worst currency crisis since 1998 pushed the cost of labor below the level in other major emerging economies like Brazil and China. In 2015, Russia tied Germany for second worldwide by hosting 12 million international migrants, according to a report published by the United Nations. Last year’s net increase reached more than 260,000, statistics service data show.