Unemployment rate in Russia in comparison with other countries of the world

According to the latest forecast IMF (World Economic Outlook for October) the unemployment rate in the Russian Federation in 2023 will be 3.3% compared to 3.9% a year earlier. This is almost half the world average. At the same time, Russia is not among the top ten record holders.

Thailand has the lowest unemployment among more than 100 countries with data for 2023 (1.2%). Low unemployment (below 3%) is also expected in a number of other large Asian economies – Japan, South Korea, Vietnam. Among European countries, the lowest unemployment rates are in Switzerland, the Czech Republic and dwarf Andorra (also less than 3%). The average level in the euro area is 6.6%, while the spread is quite large, from 3.3% in Germany to 11.8% in Spain. A record low rate (3.6%) is also recorded in the United States. In general, for the G7 countries it is projected at 4.1%.

The highest unemployment as of 2023 is in Sudan (46%). South Africa is in second place – the level of 32.8% is the highest among the BRICS member countries. Although the IMF forecast does not include data for India, others sources Unemployment there is said to have risen to 10% in October. This is a two-year high for the country, but it is still significantly lower than the South African figure.

Let us recall that the Russian Central Bank has recently expressed concern about the shortage of personnel in the economy. How stated the other day, the head of the Central Bank, Elvira Nabiullina, “unemployment is 3%, and in some regions even less – this means that there are practically no workers left in the economy.”