Unemployment in Russia Drops 1 Percent as Million New Jobs Are Created

Unemployment in Russia fell from 6.4 to 5.4 percent, as million new jobs have been created, presidential aide Maxim Oreshkin said during the “New Knowledge” forum in Russia.

Russia’s labor market is expected to recover to pre-crisis levels by the end of 2021. The revival in the labor market was due to active measures and active support from the government, Oreshkin said.

According to Oreshkin, one issue that is undermining the economic recovery of the country is the decrease of the able-bodied Russian population, whose number will continue to fall until the second half of this decade.

“This was predetermined and nothing can be done about it,” Oreshkin said.

According to the presidential aide, this has become one of the serious factors that curb the pace of economic growth of the country at the moment.