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28 October 2020, 18:15

Opinion: Unemployment growth in EAEU is temporary, not skyrocketing

Photo courtesy of TASS
Photo courtesy of TASS

MOSCOW, 28 October (BelTA) - The unemployment growth observed in some countries of the Eurasian Economic Union (EAEU) during the pandemic is temporary and not skyrocketing, member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission Sergei Glazyev told the media on the sidelines of the EAEU business forum “Integration: Strategy for Advanced Development” on 28 October, BelTA has learned.

“I would not dramatize that. We should not talk about the explosive growth of unemployment. The jobless rate has indeed gone up. Due to social restrictions the service sector has suffered the most. First of all, this unemployment is a temporary phenomenon. I am confident that it will decline as soon as the economic sector starts recovery. Secondly, we have developed a common labor market. The Eurasian Economic Commission has recently considered the first results of the Work Without Borders project. Almost all citizens of the Eurasian Economic Union, regardless of their residence and nationality, can work on our common labor market,” Sergei Glazyev said.

According to the EEC minister, almost all employment-related restrictions have been removed in the EAEU. “The Work Without Borders information system is developed to help all citizens find the application to their abilities and qualifications within the EAEU. The system is almost ready. It is clear that at present there are restrictions on the movement of citizens, but these restrictions are gradually removed,” he said.

Iya Malkina, Aide to the Chairman of the Board of the Eurasian Economic Commission, said earlier that in August 2020 the unemployment numbers in the EAEU increased by 3.8 times from August 2019. The labor markets of Russia and Kazakhstan suffered the most in the EAEU. “Figures are huge. There is, however, a positive trend. Compared to August 2019, 27.1% more unemployed people were placed into jobs – 352,200 people. This is 18.4% up from July 2020,” Iya Malkina said.

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