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

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Current price of oil as of July 1, 2026

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Current price of oil as of July 1, 2026
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
Add Fortune on Google for similar content.

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
Add Fortune on Google for similar content.

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
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • 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
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

t
PoliticsWhite House
Trump trots out the C-word — communism — not getting the memo that capitalism has been largely discredited with Gen Z
By Steven Sloan and The Associated PressJuly 2, 2026
16 minutes ago
g
EnvironmentCalifornia
California bans ‘sell by’ labels to curb food waste and emissions
By Olga R. Rodriguez and The Associated PressJuly 2, 2026
23 minutes ago
t
PoliticsWhite House
Trump visits new Teddy Roosevelt library in the badlands: ‘He had a freakin’ wild life’
By Jack Dura, Collin Binkley and The Associated PressJuly 2, 2026
55 minutes ago
ms
PoliticsMedicaid
Some states are starting to crack down on companies that foist their workers onto Medicaid
By Geoff Mulvihill and The Associated PressJuly 2, 2026
1 hour ago
ai
North AmericaImmigration
Trump’s $46 billion ‘smart wall’ with Mexico bets on AI and scale
By Rebecca Santana and The Associated PressJuly 2, 2026
1 hour ago
Vladimir Putin
EconomyRussia
Russia’s economy is ‘sputtering,’ and Putin’s wartime spending model has pushed the country to an ‘economic, political, and military abyss’
By Tristan BoveJuly 2, 2026
1 hour ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
1 day ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
1 day ago
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
Politics
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
By Sasha RogelbergJuly 1, 2026
1 day ago
CEO of $248 billion cybersecurity company says workers are about to face a ‘Darwinian moment’ thanks to AI: Evolve or get cut
Success
CEO of $248 billion cybersecurity company says workers are about to face a ‘Darwinian moment’ thanks to AI: Evolve or get cut
By Emma BurleighJuly 1, 2026
1 day ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 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.