Bank of Russia Says AI Could Ease Labor Shortages and Help Tame Inflation
The central bank argues that broader adoption of artificial intelligence can expand productive capacity and reduce price pressures.
Russia’s central bank said artificial intelligence could help smooth imbalances in the labor market and influence price dynamics. The regulator’s position was published on its official account.
The Bank of Russia said it supports the adoption of AI technologies, particularly amid constrained labor resources.
“Especially now, when spare hands in the
country are worth their weight in gold. With limited labor resources,
technological innovation is the best way to expand the economy’s productive
capacity. If our economy can produce more, supply will catch up with demand
more quickly, and inflation will be low,” the central bank said.
According to the regulator, automation and digitalization make it possible to increase output without a proportional increase in headcount.
Lower Costs
The central bank also links AI adoption to a redistribution of labor across the job market.
“On the labor market, the introduction of
AI will help eliminate bottlenecks. Workers released at some enterprises will
help meet staffing needs at companies that are expanding. If labor market
tensions ease and wages grow in line with productivity, that removes another
driver of high inflation. Companies, in turn, will see costs decline, and the
production of each unit will become cheaper. This also contributes to lower
inflation,” the regulator added.
