The Organisation for Economic Co-operation and Development (OECD) has suggested that a boost for the Russian labor market could be brought about through innovation.

According to the OECD Review of Innovation Policy: Russian Federation, entrepreneurship could be fostered with continued investment into high quality research and development institutions.

An increase in the protection of intellectual property and strengthened competition would also help create a fast-growing economy, which will yield job opportunities in the country, it advised.

The Paris-based body advocated boosting competition in order to encourage investment in innovation among firms of all sizes.

"Further reforms of the public administration, cutting red tape and improving financial sector regulations would also foster the creation of start-ups," it explained.

A recent survey by the State Statistics Service found that Moscow is Russia's laziest city in terms of its workforce, with the average resident working two hours less per day than the rest of the country.

Posted by Lee Thrace