Upcoming trends of labor productivity growth in the EAEU countries

The paper presents a critical analysis of international experience in assessing the labor productivity indicators and characterizes existing approaches in modern practice. It defines that labor productivity is the key indicator for evaluating the efficiency of economy functioning, reflecting the development degree of its production. It also proves statistically that high labor productivity ensures the economic growth of the country and the level of population’s life quality. And all the measures aimed at the labor productivity increasing are important part of the national economic development policy. A comparative analysis of the productivity level of the EAEU countries was carried out being based on different approaches. The main issues concerned with causes of a relatively low level of labor productivity in the EAEU member countries are highlighted, namely: depreciation of fixed assets; insufficient level of investment in fixed assets; low absorption of innovations; shortage of highly qualified personnel; unfavorable demographic trends, etc. According to the highlighted issues, the main vectors of long-term development targeted at the labor productivity growth are identified: human capital development, technological breakthrough, the improvement of institutions and regional development in the context of the integration of the EAEU countries.