Reshetnikov allows for further reduction in unemployment, which is already "abnormally low"

MOSCOW. May 14 (Interfax) - Unemployment in Russia may continue to decline, but it will have a rather negative effect on the Russian economy, given that the figure is already at a fairly low level, Maxim Reshetnikov, whose candidacy for the post of Minister of Economic Development in the new government was approved on Tuesday by the State Duma, said.

"It may decline further. In fact, it is already abnormally low: it has been 2.7% for the last month. Although we have considered everything below 4% to be good, there is already a shortage of personnel. Now it is 2.7%. In fact, there is nothing good for the economy in a further reduction in unemployment," he said on Rossiya 24 following a State Duma meeting where his candidacy for the post of Russian Economic Development Minister was approved.

Reshetnikov said that the Russian economy has been growing over the past two years in conditions of low unemployment. The government, he said, intends to focus on maximizing the involvement of people in the labor market and increasing its productivity.

Rosstat reported that, in March 2024, unemployment in Russia continued to decline, dropping to 2.7%, once again setting a record minimum for the entire period of observation of the indicator since 1991.

The previous low of 2.8% was reached in February this year. Unemployment in Russia was 2.9% in January 2024, 3.0% in December 2023, 2.9% in October-November 2023, and 3.0% from July to September 2023.