S. Korea's unemployment rate hits 3.8% last year, highest since 2001
- 5 years ago
통계청, 고용동향 발표...작년 실업률 17년만에 최고
Despite continued government efforts to boost employment,.... things are not looking up for job seekers.
Last year, the overall unemployment rate hit a level Koreans have not seen in almost two decades.
Our Ko Roon-hee talked to local economic experts for their take on the grim situation.
More doom and gloom for jobseekers in Korea... as the latest government figures paint a bleak picture for their prospects.
According to Statistics Korea on Wednesday, the overall unemployment rate for last year was 3-point-8 percent... its highest since 2001 when Korea was still recovering from the 1997 Asian financial crisis.
Statistics Korea attributed the hike to sluggish manufacturing and auto industries and an aging society.
This means that more Korean seniors are trying to remain in or re-enter the workforce than in the past.
Overall, around 26-point-8 million people were employed last year.
And the number of newly created jobs in 2018 was also low.
It increased by 97-thousand compared to the previous year.
This is the smallest increase since 2009.
An economic expert pointed to the economic slowdown and the increase in the minimum wage as the main reasons for the poor figures.
"The slowdown in economic growth in 2018 compared to the previous year... is one of the main reasons for the high unemployment rate. The sharp increase in the minimum wage is another factor. The unemployment rate reflects the number of people who lost their jobs because of the rise in the minimum wage."
Others say, that the South Korean government is going down the right path.
"Increasing overall demand is important. This is related to the government's income-led growth policy. Expansionary fiscal policy is also necessary to create effective demand."
For the month of December, the number of newly added jobs increased in the health and social activities, information and communication industries.
However, it decreased in the wholesale and retail, business facilities management, and manufacturing sectors.
Analysts say the poor figures in the manufacturing industry are mainly due to global uncertainties...such as the ongoing trade row between the U.S. and China.
Ko Roon-hee, Arirang News.
Despite continued government efforts to boost employment,.... things are not looking up for job seekers.
Last year, the overall unemployment rate hit a level Koreans have not seen in almost two decades.
Our Ko Roon-hee talked to local economic experts for their take on the grim situation.
More doom and gloom for jobseekers in Korea... as the latest government figures paint a bleak picture for their prospects.
According to Statistics Korea on Wednesday, the overall unemployment rate for last year was 3-point-8 percent... its highest since 2001 when Korea was still recovering from the 1997 Asian financial crisis.
Statistics Korea attributed the hike to sluggish manufacturing and auto industries and an aging society.
This means that more Korean seniors are trying to remain in or re-enter the workforce than in the past.
Overall, around 26-point-8 million people were employed last year.
And the number of newly created jobs in 2018 was also low.
It increased by 97-thousand compared to the previous year.
This is the smallest increase since 2009.
An economic expert pointed to the economic slowdown and the increase in the minimum wage as the main reasons for the poor figures.
"The slowdown in economic growth in 2018 compared to the previous year... is one of the main reasons for the high unemployment rate. The sharp increase in the minimum wage is another factor. The unemployment rate reflects the number of people who lost their jobs because of the rise in the minimum wage."
Others say, that the South Korean government is going down the right path.
"Increasing overall demand is important. This is related to the government's income-led growth policy. Expansionary fiscal policy is also necessary to create effective demand."
For the month of December, the number of newly added jobs increased in the health and social activities, information and communication industries.
However, it decreased in the wholesale and retail, business facilities management, and manufacturing sectors.
Analysts say the poor figures in the manufacturing industry are mainly due to global uncertainties...such as the ongoing trade row between the U.S. and China.
Ko Roon-hee, Arirang News.