The Unemployment rate of Russia attained a value of 3.27 % in 2023
The indicator recorded a historical change (bps difference) of 252 bps between 2020 to 2023, and is expected to grow by...
GlobalData projects the figure to change by 132 bps between 2024 and 2028, reaching...
Unemployment
Unemployed people are those that are actively looking for work but are having no luck. The unemployment rate is derived by dividing the total number of unemployed people by the total population of a certain region or workforce. It is one of the most important measures of a country's economic health.
Global Unemployment
The International Labour Organization estimates that by the end of 2021, the average regional unemployment rate will be 9.6%, down from the 10.6% it reached in 2020 but up from the 8% that was noted in 2019, which is used in this case as a benchmark to determine the impact of the pandemic's first two years.
The Organization for Economic Cooperation and Development (OECD) reported that the unemployment rate in OECD regions fell below the pre-pandemic rate when its February 2022 unemployment numbers were published in April 2022. Since this data series' inception in 2001, this is its lowest point. Additionally, the OECD region's unemployment rate decreased further, dropping by 0.7 million to 34.9 million people.
Unemployment Rate of Russia
The unemployment rate in Russia in 2021 stood at 4.9%. Between 2018-2021, the unemployment rate in Russia was highest in 2020 at 5.7% and lowest in 2019 at 4.6%. The unemployment rate decreased by 14.4% on a year-on-year basis in 2021 and increased by 3.1% between 2018-2021.
According to government data, around one million jobs have been added during Jan-Mar 2021. As per GlobalData estimates, the unemployment rate in Russia increased to 5.7% in 2020 mainly because of job loss in the economy due to COVID-19. In 2019, it was recorded at 4.60% and was on a declining trend for the last few years.
The labor force in Russia has shrunk considerably in recent years. In recent months, the country has witnessed a 30% rise in unemployment since the start of the coronavirus pandemic, according to government officials.
As a result of COVID-19, an increase in unemployment and a decrease in average wages resulted in a decline in the purchasing power of the masses. The real household consumption expenditure contracted by 4.5% in 2020. With the reopening of the economy and restoration of jobs, the real household consumption expenditure is forecast to rise by 3.4% in 2021.
Factors that Cause Unemployment
Some of the key factors that affect unemployment in a nation are recession, government policies, geographic labor mobility, technological breakthroughs, the global economy, growing populations, and worker education, training, and skill development.
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