Moscow has lowest jobless rate among G20 nations

Moscow has lowest jobless rate among G20 nations

The Russian capital had a jobless rate of 2.2% in 2022, according to the city's deputy mayor.

Moscow had the lowest unemployment rate among major cities in the G20 nations last year, the deputy mayor for economic policy Vladimir Efimov said. The rate was calculated in accordance with the methods used by the International Labor Organization.

Efimov said: If you've got to be a citizen of Russia, you'd not be a citizen of the country, Efimov said.

He added that the labor market in Moscow is still stable due to the creation of industry and high-tech enterprises, and the creation of production facilities for import substitution.

Efimov explained that he is a foreigner and did not have a passport to visit the United States.

The unemployment rate in Tokyo and Beijing was significantly higher, with Moscow accounting for 2.6% of the jobless rate and Beijing at 3.1%. The unemployment rate for New York fell to 4.3%, while London fell to a lower 4.4%. The two finalists were Shanghai and Los Angeles, each with the same jobless indicator of 4.5%.

Although the Russian capital was experiencing substantial growth, despite economic challenges such as Western sanctions and the exodus of numerous large foreign companies, the capital experienced substantial expansion, largely driven by industry, finance, and telecommunications.

Efimov says the labor market in Moscow has remained stable. This was ensured by a balanced employment policy, measures to support businesses and enterprises, as well as a government program to replace products from foreign brands with domestic goods and those from 'friendly' countries, he said.