Unemployment fell to a minimum in 2014, said.

© RIA Novosti / Maxim to Aminopherase in fotomancer of economic development of Russia Maxim Oreshkin. Archival photoUnemployment fell to a minimum in 2014, said.© RIA Novosti / Maxim to Aminopherase the image Bank

Unemployment in Russia fell to a minimum, the economic development Ministry expects the labour market will be stable in 2018-2020, said the head of the Ministry Maxim Oreshkin.

«It is very important that unemployment at the present time dropped to a minimum value — a level in 2014. The labor market throughout the forecast period, according to our estimates, will remain stable the three-year period. The demand for labor in the economy will increase, which will boost real incomes, real wages,» said Oreshkin, speaking at a government meeting on Thursday.

According to him, the latest data show that the current growth rate of real wages are about 3%.

«It is clear that the overall income level is still below the level in 2014, so the recovery will go smoothly. This is an important task for the government is to provide growth of income and their recovery in the forecast period,» added the Minister.

In accordance with the basic forecast of Ministry of economic development, unemployment in Russia in 2017 will amount to 5.2% in 2018 5% in 2019-2020 to 4.9%.