Unemployment Rate in Moscow One of Lowest among World’s Largest Cities

One of the lowest unemployment rates among the largest cities in the world was recorded in Moscow at the end of last year, it amounted to 2.5%, according to the official website of the mayor and the government of the capital, released on Friday, TASS writes.

According to international experts, the employment rate in Moscow was 79.9%. “The international group Euromonitor conducted a study that showed that in 2020 the unemployment rate in Moscow, calculated according to the methodology of the International Labor Organization, was 2.5%. It was lower only in Beijing – 1.4%. In other cities, the unemployment rate exceeded in Moscow from two to seven times. Thus, in Delhi it was slightly higher than 3%, in Tokyo – 3.8%, in London – 4.5%, in Paris – 7.6%, in Berlin – 7.9%, in Rio de Janeiro – 8.2%, in New York – 8.8%, in Istanbul – 17.5%, “the statement said. The unemployment rate in Moscow has been declining since 2015. By the end of 2019, it was only 2.2%.

Due to a balanced approach to the introduction of restrictive measures and a program to support urban business with a total volume of about 90 bln rubles, Moscow managed to avoid a significant increase in the indicator during the pandemic: compared to the pre-crisis value in 2020, the unemployment rate in the Russian capital increased by only 0.3 percentage point and amounted to 2.5%,” said the Deputy Mayor of Moscow for Economic Policy and Property and Land Relations Vladimir Efimov.

According to the Minister of the Moscow Government, Head of the Department of Economic Policy and Development Kirill Purtov, last year Moscow became the leader among the top 10 cities in the world in terms of employment. “The employment rate in Moscow, according to Euromonitor, was 79.9%. In London this figure in 2020 was 78.4%, in Beijing – 78.2%, in Tokyo – 76%, in Berlin – 75.9 %, in Paris – 72.4%, in New York – 67.8%. The employment rate in Rio de Janeiro was 59.6%, in Istanbul – 47.7%, in Delhi – 37.4%,” he explained.

As reported on the website of the mayor and the government of Moscow, the capital is actively supporting people who have been left without work, they are paid benefits, help in finding a job. In addition, the city has the largest state personnel operator for job search – the capital’s employment service, where 300,000 vacancies are presented.