Moscow has become the leader in the lowest unemployment rate among G20 megacities in 2022
The unemployment rate in the Russian capital for 2022, calculated according to the methodology of the International Labor Organization (ILO), was 2.2%. This is the lowest indicator among the largest cities of the G20 countries, said acting Deputy Mayor of Moscow for Economic Policy and Property and Land Relations Vladimir Efimov.
Rosstat publishes the level of the registered number of unemployed as the main indicator of unemployment, that is, it considers only those who are officially registered in the employment service as such. Whereas according to the ILO methodology, which allows comparing unemployment rates in different countries using official statistics, the number of unemployed includes a wider range of people. They must simultaneously meet three criteria: they must not be working; they must be looking for work in any possible way - applying to the public employment service, directly to a potential employer, placing job advertisements in the media or starting their own business; and they must be able to start work within two weeks.
The ranking by unemployment rate of the 21 largest G20 cities was compiled by the Department of Economic Policy and Development of Moscow.
«According to ILO methodology, unemployment in Moscow by the end of 2022 has decreased to 2.2% after 2.6% in 2021. This makes the Russian capital the leader in the lowest unemployment rate among the megacities of the G20 countries for the third year in a row», said Vladimir Efimov.
He noted that the labor market in Moscow remains stable due to the development of industry and high-tech enterprises, creation of production facilities aimed at import substitution. Existing companies are expanding their activities in the capital and new ones are appearing, which attract workers. This stimulates the development of related spheres of economy, creates a balance in the labor market and contributes to the reduction of unemployment.
According to Maria Bagreeva, Acting Minister of the Moscow City Government, Head of the Department of Economic Policy and Development of the city, the nearest neighbors of Moscow in the rating are Tokyo with 2.6% and Beijing with 3.1%. New York is on the seventh place - there unemployment was at the level of 4.3%, a step below it London with an indicator of 4.4%. Closing the top ten cities are Shanghai and Los Angeles with an index of 4.5% respectively.