Moscow Achieves Historic Low in Unemployment Among G20 Cities

Moscow has posted a record-low unemployment rate of just 1% in 2024, calculated using the International Labour Organization (ILO) methodology. This impressive achievement surpasses last year’s figure of 1.8% and secures the Russian capital’s leadership among the 21 largest cities in the G20 for lowest joblessness, according to a study by the Institute for Public Administration and Civil Service at the Russian Presidential Academy of National Economy and Public Administration (RANEPA). Driven by a resilient economy, a rise in new businesses, and the ongoing expansion of established companies, Moscow’s labor market has shown remarkable stability and steady progress in reducing unemployment. The demand for highly skilled workers remains high, contributing to these positive dynamics. As study author and labor expert Professor Alexander Shcherbakov noted, 2024 marks the fourth consecutive year that Moscow tops the G20 urban employment rankings. “The capital's economic development and youth involvement in the labor force have long kept unemployment low,” — Alexander Shcherbakov, Professor of Labor and Social Policy, RANEPA. Historically, Moscow has maintained a low unemployment rate, averaging just 1.5% during the pre-COVID era (2002–2019). This trend is closely tied to the city’s economic infrastructure and proactive workforce engagement strategies, particularly those involving the younger population.