Russia Faces IT Specialist Shortage by 2030

Russia could face a deficit of 1 million IT specialists by 2030, according to German Gref, CEO of Sberbank. A combination of low unemployment, military mobilization, and emigration has aggravated labor shortages. Sberbank is investing billions in IT to overcome the crisis and leverage AI profits.

Russia is poised to experience a shortage of 1 million IT specialists by the year 2030, as outlined by German Gref, CEO of Sberbank, the country's largest financial institution. He highlighted the growing demand for expertise in the field of artificial intelligence during a lecture to school children, pointing to AI as the key driver of the labor market's expansion.

The Russian labor market is already under pressure due to an unprecedented low in unemployment, worsened by a 2022 military mobilization and mass emigration resulting from geopolitical tensions. In particular, IT workers, who tend to have relatively portable jobs, are among those who left Russia following military actions initiated in Ukraine.

Sberbank, while being a major player in both banking and technology, plans to invest a significant 450 billion roubles in IT between 2024 and 2026. Gref is optimistic that the bank will see returns this year through AI-generated profits. However, the brain drain remains a concern, with 100,000 IT specialists reportedly working overseas by government estimates in late 2022.

(With inputs from agencies.)