Reshetnikov called low unemployment a limit to the economy
President Vladimir Putin earlier reported that unemployment is near historical lows of 2.3%
Historically low unemployment remains a constraint on the Russian economy. This was stated by Minister of Economic Development Maxim Reshetnikov, presenting the government with a forecast of socio-economic development for 2027 and for the planning period of 2028 and 2029.
The Minister warned that the remaining risks could lead to temporary deviations from the forecast growth trajectory, so economic policy should focus on increasing the flexibility and sustainability of the economy and restarting the investment cycle.
“The labour market remains a constraint, where unemployment remains very low throughout the forecast period. To do this, the implementation of programs to improve the quality of education, retrain workers, introduce technologies, change the organization of labor for productivity growth will continue, he said.
On September 17, President Vladimir Putin said at a meeting on economic issues that unemployment is near historical lows of 2.3%. In July, the Ministry of Economic Development said that the unemployment rate in the country was 2.1%.
