The Ministry of Economic Development predicts an increase in unemployment in autumn
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The situation in the Russian economy today is better than the initial expectations, says the head of the Ministry of Economic Development Maxim Reshetnikov. According to him, unemployment is at historical lows, but the figure is expected to rise this fall. At the same time, he urged not to dramatize the situation, as it is controllable.
“In general, the current situation in the economy is better than expected. In June, we see that agriculture and the mining industry remained the “anchor” for the economy. In processing, the situation is still uneven. Slightly more confident are the industries aimed at domestic demand. At the same time, we see that in June, the leading figures in July indicate that industries that have been built into the global export-import chains are under serious pressure. The district felt it, first of all metallurgy. Wholesale trade, cargo turnover, construction have sunk,” the minister said at a meeting with the governors of the Urals Federal District on Friday in Yekaterinburg (quote from “Interfax”).
Mr. Reshetnikov added that consumer activity remains low and at the same time it is recovering. According to the minister, from June to July, the demand for lending to individuals and in the corporate sector increased in Russia. As the minister noted, this was largely facilitated by the Central Bank’s reduction of the key rate from 9.5% to 8%.
The minister also added that for the second month in a row, unemployment has been at a record low of 3.9%, while a number of industries and enterprises have seen an increase in part-time employment. “In the autumn, I think, unfortunately, we will move away from these record low values, but the situation is not worth dramatizing, it is controllable,” he stated.
According to him, enterprises are trying to provide support to labor collectives, and are also “looking for work modes that will allow them to maintain employment.” Among other things, a large amount of funds was allocated to support enterprises in order to support jobs.
Read more about the prospects for simplification of Russian unemployment in the author’s column by Anastasia Manuilova “Kommersant” “There is something to work on”.
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