The unemployment rate in Moscow was the lowest among major cities in G20 nations in 2022, according to Deputy Mayor for Economic Policy Vladimir Efimov. Utilizing the International Labor Organization’s (ILO) methodology, Efimov revealed that the jobless rate in Moscow dropped to 2.2% at the end of 2022, compared to 2.6% in the previous year.
Efimov attributed the city’s stable labor market to the growth of industry and high-tech enterprises, as well as the establishment of production facilities focused on import substitution. He emphasized that existing companies in Moscow were expanding their operations and new businesses were emerging, leading to increased job opportunities. This not only stimulated the growth of related sectors of the economy, but also helped to reduce the unemployment rate.
According to the report, Tokyo closely followed Moscow with a jobless rate of 2.6%, while Beijing ranked third with 3.1%. Other major cities such as New York and London had unemployment rates of 4.3% and 4.4% respectively. Shanghai and Los Angeles rounded off the top ten in the ranking with the same unemployment rate of 4.5%.
Despite facing economic challenges such as Western sanctions and the departure of several large foreign companies, Moscow experienced significant growth driven by industries such as finance, industry, and telecommunications.
Efimov emphasized that the stability of the labor market in Moscow was a result of a balanced employment policy, measures to support enterprises and businesses, as well as a government program aimed at replacing foreign products with domestic goods and those from “friendly” countries.
The growth and stability of Moscow’s economy are commendable considering the obstacles it has faced. The city’s efforts to foster a favorable business environment and attract both domestic and foreign investments have paid off, leading to job creation and a decline in unemployment.
It is worth noting that Moscow’s low unemployment rate not only highlights the successful economic policies implemented by the city, but also signifies the resilience of the Russian economy in the face of external challenges. As the capital of Russia, Moscow serves as a major economic hub and its strong performance can have a positive impact on the overall national economy.
In conclusion, Moscow’s jobless rate of 2.2% in 2022, the lowest among major cities in G20 nations, reflects the city’s stable labor market and robust economic growth. The development of industries and the creation of new job opportunities have contributed to reducing unemployment in Moscow. Despite facing economic headwinds, the city has remained resilient and continues to attract investments, leading to a thriving economy and a favorable outlook for the future.