• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
PoliticsRussia
Europe

Russia’s population is in a historic decline as emigration, war and a plunging birth rate form a ‘perfect storm’

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
October 18, 2022, 5:50 AM ET
A woman walks on a bridge in front of skyscrapers of Moscow's International Business Centre (Moskva City) and the Russian Foreign Ministry building (L) in Moscow on Oct. 13th.
A woman walks on a bridge in front of skyscrapers of Moscow's International Business Centre (Moskva City) and the Russian Foreign Ministry building (L) in Moscow on Oct. 13th.YURI KADOBNOV—AFP via Getty Images

President Vladimir Putin spent years racing against Russia’s demographic clock, only to order an invasion of Ukraine that’s consigning his country’s population to a historic decline. 

Besides casualties in the thousands on the battlefield, the enlistment of 300,000 reservists to join the fight — and an even bigger flight of men abroad — is derailing Putin’s goals of starting to stabilize the population already this year.

Crippling disruptions from the war are converging with a population crisis rooted in the 1990s, a period of economic hardship after the Soviet breakup that sent fertility rates plunging. Independent demographer Alexei Raksha is calling it “a perfect storm.”

Plans by Putin’s government had set the goal of starting to reverse the decline in the population in 2022 before growth should resume in 2030. Yet weeks before the mobilization was announced in September, an internal report drafted for a closed-door meeting showed officials were already concluding those targets were unrealistic.

Citing the consequences of the coronavirus and migration outflows, the report instead proposed a revision that envisaged a decrease of 416,700 people in 2030.

Should military operations continue in the coming months, as expected, Russia may see less than 1.2 million births next year, the lowest in modern history, according to Igor Efremov, a researcher and specialist in demographics at the Gaidar Institute in Moscow. Total deaths in Russia average close to 2 million annually, though the number increased during the pandemic and approached 2.5 million last year.

‘Chief Blow’

“The chief blow to the birth rate will be indirect, because most families will have their planning horizon completely destroyed as a result,” Efremov said. “And the impact will be stronger the longer the mobilization lasts.”

A demographic reckoning has arrived for Russia, its economy starved of young employees and now at risk of stagnation or worse long after the war is over. Bloomberg Economics now estimates Russia’s potential growth rate at 0.5%, down two percentage points from before the war — with demographics accounting for about a quarter of the downgrade.

Unfavorable demographics in the areas of Ukraine that Putin plans to annex is only likely to add to the challenges Russia faces from a growing population burden, Renaissance Capital economists said in a report this month.

While demographic traumas usually play out over decades, the fallout of the invasion is making the worst scenarios more likely — and much sooner than expected.

For Putin, who just turned 70, Russian demography has long been an existential issue, and just last year he declared that “saving the people of Russia is our top national priority.” He’s presided over efforts to buy time with costly policies that contributed to a steep gain in longevity and ranged from lump payments for new mothers to mortgage relief for families. 

But as Russia approached the invasion of Ukraine in February, it was coming off its deadliest year since World War II — made worse by the pandemic — with the population in decline since 2018. It reached 145.1 million on Aug. 1, a fall of 475,500 since the start of the year and down from 148.3 million in 1991, when the Soviet Union collapsed.

The continuation of the military campaign and mobilization until the end of next spring would be “catastrophic,” according to Efremov, likely bringing births down to just 1 million in the 12 months to mid-2024. The fertility rate may reach 1.2 children per woman, he said, a level Russia saw only once in 1999-2000. 

A fertility rate of 2.1 is needed to keep populations stable without migration.

“It is likely that in conditions of uncertainty, many couples will postpone having children for some time until the situation stabilizes,” said Elena Churilova, research fellow in the Higher School Economics’s International Laboratory for Population and Health. “In 2023, we are likely to see a further decline in the birth rate.”

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

About the Author
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Most Popular

placeholder alt text
Economy
An unusual Fed ‘rate check’ triggered a free fall in the U.S. dollar and investors are fleeing into gold
By Jim EdwardsJanuary 26, 2026
9 hours ago
placeholder alt text
North America
Gates Foundation plans to give away $9 billion in 2026 to prepare for the 2045 closure while slashing hundreds of jobs
By Sydney LakeJanuary 23, 2026
3 days ago
placeholder alt text
Politics
Trump was surging after the Venezuela raid—then came Jerome Powell, Greenland, and Minnesota. Now it feels like a ‘historic hinge moment’
By Jason MaJanuary 25, 2026
20 hours ago
placeholder alt text
Personal Finance
Sweden abolished its wealth tax 20 years ago. Then it became a 'paradise for the super-rich'
By Miranda Sheild Johansson and The ConversationJanuary 22, 2026
4 days ago
placeholder alt text
Politics
Minnesota-based CEOs, including Fortune 500 bosses, call for ‘immediate de-escalation of tensions’ after fatal shooting
By Jason MaJanuary 25, 2026
1 day ago
placeholder alt text
Success
Apple cofounder Ronald Wayne sold his 10% stake for $800 in 1976—today it’d be worth up to $400 billion
By Preston ForeJanuary 23, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.


Latest in Politics

target
PoliticsImmigration
Trump’s war on immigration entangles business in PR disaster and the literal site of contested arrests
By Wyatte Grantham-Philips and The Associated PressJanuary 26, 2026
28 minutes ago
IRS
LawWhite House
Trump’s latest retribution hits Booz Allen, whose contractor was charged with leaking tax returns to the press
By Fatima Hussein and The Associated PressJanuary 26, 2026
41 minutes ago
Palantir CEO Alex Karp during an interview at the 2026 World Economic Forum in Davos, Switzerland.
InnovationImmigration
Palantir/ICE connections draw fire as questions raised about tool tracking Medicaid data to find people to arrest
By Tristan BoveJanuary 26, 2026
49 minutes ago
United States Secretary of Commerce Howard William Lutnick answers questions at the end of an EU Trade Ministers meeting in the Europa building the EU Council headquarters.
EnergyRare Earth Metal
Trump administration buys stake in USA Rare Earth as wave of government deals in critical minerals continues
By Jordan BlumJanuary 26, 2026
59 minutes ago
PoliticsPredictions
Prediction markets can take bets on outlandish events that ‘get laundered into legitimacy,’ Gen Z’s favorite economic commentator warns
By Jason MaJanuary 26, 2026
3 hours ago
trump
EconomyTariffs and trade
Trump’s economy is the ‘least conservative’ in a lifetime, top economist warns. ‘Our kids will feel it in a set of lost opportunities’
By Tristan BoveJanuary 26, 2026
3 hours ago