Kasyanov says unemployment rate dropped from 13% to 8% in 1999-2003

The unemployment rate dropped from 13 percent in 1999 to a little over 8 percent as of today, Russian Prime Minister Mikhail Kasyanov said today opening the government's meeting. The Prime Minister pointed out an increase in Russia's economic growth rate necessitated industrial reforms which inevitably would impact the labor market. The migration policy also has a substantial impact on the labor market, Kasyanov pointed out. The Chairman of the Cabinet of Ministers was quoted as saying currently up to 40 percent of higher-educational institution graduates fail to find jobs they were trained for, which points to the need to change the principles currently at work on the labor market.