Moscow shows the lowest unemployment rate among G20 megacities for four years in a row
In Moscow, the unemployment rate for 2023, calculated according to the methodology of the International Labor Organization (ILO), was 1.8 percent. This is the lowest indicator among the largest cities of the G20 countries, said Deputy Mayor of Moscow, Head of the Department of Economic Policy and Development Maria Bagreeva.
The ranking on the unemployment rate of the 21 largest G20 cities was compiled by the Department of Economic Policy and Development of Moscow.
"The unemployment rate according to ILO methodology in 2023 in Moscow amounted to 1.8 percent, down from 2.3 percent in 2022. The city economy is developing intensively: existing companies are expanding their activities and new ones are being created, which predetermines a high demand for qualified specialists, creates a balance in the labor market and contributes to a decrease in the unemployment rate. Thanks to this, for the fourth year in a row, the Russian capital is the leader in terms of the lowest unemployment rate among the megacities of the G20 countries," said Maria Bagreeva.
According to her, historically, Moscow has always been characterized by low unemployment - before the pandemic, between 2010 and 2019, it averaged about 1.5 percent. Therefore, the unemployment observed at the moment cannot be considered a consequence of problems with staffing in the labor market - rather, it is a return to previous levels.
The nearest neighbors of Moscow in the rating are Tokyo with 2.5 percent and Seoul with 2.7 percent. The top five also included Sydney and Riyadh, where unemployment amounted to 3.2 and 3.7 percent respectively. London ranked 11th with five percent, a notch below it was New York at 5.2 percent, followed by Los Angeles and Paris at 5.3 and 5.7 percent. Brussels and Rio de Janeiro have the highest unemployment in 2023, at 10.7 and 9.2 percent respectively.
The ILO methodology compares unemployment rates across countries using official statistics. According to the organization's definition, unemployed people are those who simultaneously meet three criteria: they are not working, are 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 can start work within two weeks.
