Russian President Vladimir Putin has announced that the country has achieved a record low unemployment rate of 3.6%. The latest labor market data shows a decrease in unemployment compared to before the COVID-19 pandemic, which stood at 4.7%.
President Putin made the announcement during a business trip to Buryatia, where he visited the Ulan-Ude Aircraft Plant, one of Russia’s leading helicopter manufacturers, founded in 1939.
Addressing the media, President Putin stated that despite the pandemic, Russian entrepreneurial firms continued to operate, which helped to further reduce the unemployment rate. He added that there were many speculations that the pandemic would force businesses to cease operations, but that did not happen.
The Russian government has been actively implementing measures to support businesses and prevent job losses during the pandemic. The government’s efforts seem to have paid off, as the country’s unemployment rate is now at a record low.
The news of the record low unemployment rate comes as a positive development for the country, which has been grappling with economic challenges in recent years. The announcement is expected to boost investor confidence in the Russian economy, which has been on a recovery path in recent months.