Moscow is the leader among megacities by the employment level
Moscow is one of the most prosperous cites in Russian Federation and in the world in terms of unemployment. A flexible labor market, growing consumer demand as well as high level of wages of Muscovites and competitive business environment have made Moscow the Russian and international leader by employment level among megacities. Moreover, even COVID-19 pandemic could not shake Moscow’s leadership positions.
Even though the unemployment rate in Moscow showed an increase during the pandemic, it was significantly lower than average in Russia and in the largest metropolitan areas of the world. The capital's labor market began to rapidly recover immediately after the start of the lifting of restrictions. The officially registered unemployment rate in October 2020 was 3.03%, and in February 2021 it decreased by more than three times - to 0.9%.
Analysis of annual data on the unemployment rate according to the International Labour Organization (ILO) methodology for 2010-2019 shows that the situation in the Russian capital is many times better than in London, New York, Paris, Berlin.
For example, in 2019, the average unemployment rate in Paris was 7.8%, in Berlin - 5.2%, in London and New York - 3.8%, and in Moscow it was only 1.4%. For example, over 10 years the level of unemployment according to the ILO reached its highest level in Paris in 2010 - 11.7%, while in Moscow the peak value reached in 2015-2016, was only 1.8%. And this if the only single example.
The economic recovery of the city after the most severe periods of the pandemic became possible, among other things, due to convenient and beneficial tax regimes for entrepreneurs, implemented and developing in Moscow.