The economic crisis happening in the eurozone has been central in global news lately as unemployment rates have stayed at over 10% for many months now. In Spain, youth unemployment sits at an astounding 50% and overall unemployment hovers just under 25%. Greece has also seen unemployment reach over 20%.
European financial problems have pushed many job seekers to investigate alternatives. Two unlikely candidates have recently emerged: Russia and Brazil, each with their own local economic growth spurts.
Russian unemployment is only 6.6%, the Moscow Times Reports, and had a 4.3% growth in gross domestic product in 2011. Banking and finance both represent alluring options for foreigners looking to advance in the business world. Many companies are willing to cover the costs of moving and transportation, an alluring option for many out-of-work financial specialists.
Brazil’s Sao Paulo has also become a central hub of expat business activity. Unlike Moscow, Sao Paulo’s central economic growth has come from a boom in construction. The number of foreign workers in the country grew 57% in 2011, according to CNN. Workers from Portugal, Spain and North America have all migrated to the region in the hopes of finding stable and rewarding work.
Unemployment in Sao Paulo is even lower than in Moscow, hovering around 6%, an impressive number when we consider the dismal reports from the European Union. Architecture and construction are not the only industries that look to have created economic opportunities. Banking and entrepreneurial ventures have also blossomed for many expats moving to Sao Paulo.
What remains surprising about the choice many foreigners make to move to Moscow and Sao Paolo is the sky high prices that come with the territory. Both cities have a high cost of living, with many of these young workers sharing living space with multiple roommates. Traffic issues also pose a challenge in both metropolitan areas, which both boast more than four million cars within the cities themselves. These cosmopolitan cities do not allow many workers to save as much money as they might have hoped. Local managers in both Russia and Brazil, as well as increasing foreign competition, also make the choice to move to another country from North America or Europe a bold choice.
Surprisingly, these obstacles do not seem to pose too great a challenge for many traveling workers. The trend looks to continue as headhunters search for foreign managers and workers to raise revenue and as desperate young workers look for employment options at the global level. CNN reports that even families who had migrated away from Brazil in earlier decades during economic hardships have begun to return to the country in the face of hopeful economic numbers.
Photo Credit: Julio Boaro