Experts point to fall in investment and slower economic growth for high youth unemployment rate in Korea
- 5 years ago
청년실업의 현주소 그리고 원인은?
March is an especially busy month for young job seekers in Korea.
This is when many conglomerates like Samsung hold open recruitment.
However, according to our Ko Roon-hee, the latest employment figures painted a grim picture for them.
Last year wasn't easy for 27-year-old Park Ji-hyeon.
Park has been looking for a job since she graduated college last year... and regularly spend around 8 hours everyday studying or preparing for employment tests.
She says there are two main difficulties when looking for a job in Korea.
"Money is the first problem. You need certificates in English to get a job, but it costs a lot of money to take the tests and prepare for them. Second of all, I'm nervous because I don't have a job."
Park is not the only one feeling that stress.
According to Statistics Korea, youth unemployment last year was at 9-point-5 percent.
Although the figure was down slightly from the previous year, it's still higher than in other advanced countries like the United States, Germany or Japan.
Economists say it's because companies are investing less.
"Last year, there was a decline in companies' investment in both facilities and construction. This means fewer jobs are created. Also, both Korean and global economies are experiencing slower growth."
Separate data from the Korea Economic Research Institute provides specific reasons why companies are not increasing recruitment.
Based on a survey in February of Korea's top 500 firms by sales with more than 300 employees, more than 30 percent of companies said they're experiencing difficulties such as restructuring...and more than 20 percent blamed the worsening economy.
So what are some sectors that young people can find jobs in?
A manager at local job portal says… companies are showing aggressive hiring efforts in fields related to the 4th industrial revolution.
"In manufacturing, new jobs are being created in fields related to electric and hydrogen vehicles. In the financial field, blockchain and fintech are some sectors that are increasing recruitment."
This manager went on to say that it'll be a big help to pay attention to the changes in recruitment methods... such as Hyundai Motor Company announcing that it'll be hiring people all year round... instead of just during designated periods such as the month of March.
Ko Roon-hee, Arirang News.
March is an especially busy month for young job seekers in Korea.
This is when many conglomerates like Samsung hold open recruitment.
However, according to our Ko Roon-hee, the latest employment figures painted a grim picture for them.
Last year wasn't easy for 27-year-old Park Ji-hyeon.
Park has been looking for a job since she graduated college last year... and regularly spend around 8 hours everyday studying or preparing for employment tests.
She says there are two main difficulties when looking for a job in Korea.
"Money is the first problem. You need certificates in English to get a job, but it costs a lot of money to take the tests and prepare for them. Second of all, I'm nervous because I don't have a job."
Park is not the only one feeling that stress.
According to Statistics Korea, youth unemployment last year was at 9-point-5 percent.
Although the figure was down slightly from the previous year, it's still higher than in other advanced countries like the United States, Germany or Japan.
Economists say it's because companies are investing less.
"Last year, there was a decline in companies' investment in both facilities and construction. This means fewer jobs are created. Also, both Korean and global economies are experiencing slower growth."
Separate data from the Korea Economic Research Institute provides specific reasons why companies are not increasing recruitment.
Based on a survey in February of Korea's top 500 firms by sales with more than 300 employees, more than 30 percent of companies said they're experiencing difficulties such as restructuring...and more than 20 percent blamed the worsening economy.
So what are some sectors that young people can find jobs in?
A manager at local job portal says… companies are showing aggressive hiring efforts in fields related to the 4th industrial revolution.
"In manufacturing, new jobs are being created in fields related to electric and hydrogen vehicles. In the financial field, blockchain and fintech are some sectors that are increasing recruitment."
This manager went on to say that it'll be a big help to pay attention to the changes in recruitment methods... such as Hyundai Motor Company announcing that it'll be hiring people all year round... instead of just during designated periods such as the month of March.
Ko Roon-hee, Arirang News.