[{type:content-stat; id:22014}] Cities are at the heart of the economy. They bring together resources, advanced industries and the most skilled workforce. That is why the unemployment rate in major cities is an important indicator of social and economic health of a country. Experts of the Moscow Department for Economic Policy and Development compared the unemployment rates in the largest G20 cities in 2023. Moscow has had the lowest unemployment rate among the megacities of G20 countries for four years in a row. The unemployment rate is declining in most of G20 megacities. This indicates the expansion of economic activities and strengthening of social and economic stability. Methodology This analysis is based on the unemployment rate calculated accodring the methodology of the International Labour Organization (ILO). An unemployed person is an individual that meets all of the following criteria: Unemployed during the week the survey takes place; Is actively making efforts to find job during the week the survey takes place; Can start working within two weeks. According to the ILO methodology, an unemployed individual is a person of legal working age (typically from 15 to 72 years old), who did not have a job during the week of the survey, despite having made efforts to find employment, and was ready to start working during the week the survey was held. Another way to measure of unemployment is the “registered unemployment rate”, which only takes into account people who seek employment with the help of job centers. However, the unemployment rate calculated according to the ILO methodology is more representative and provides a more accurate picture of the labor market, while the “registered unemployment rate” shows whether the unemployed people can find a job on their own. The unemployment rate = Number of unemployedNumber of unemployed + Number of employed x 100% The unemployment rate In 2023, Moscow topped the list of the largest G20 cities with the lowest unemployment rate. [{type:diagram-row; id:22055}]
