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In 2018, the unemployment rate in the Republic of Korea hit its highest level since the Global Financial Crisis, peaking at 4.4 percent. [1] At the end of 2021, the rate was down to 3.7 percent. [1] This was in line with the rate of the previous two decades. Unemployment in South Korea is measured by Statistics Korea. The definition of an ...
The unemployment crisis faced by the nascent South Korea were the least of the nation's concerns by the 1990s: studies report that by 1997, only 2.5% of Koreans were unemployed. [1] However, the sharp downturn the Korean economy experienced later that year during the Asian Economic Crisis proved the need for an active labor market policy and ...
South Korea ranked the highest in suicide rates out all OECD nations, along with the highest stress levels for youth between the ages of 11 and 15 years old. [12] South Korea spent around 7.3% of its GDP on health expenditures in 2016, [15] but as of 2014, only 2.6% of those health expenditures (US$43 million) was for the mental health budget. [16]
In 2020, the COVID-19 pandemic exacerbated economic inequality in South Korea. [5] South Korea's President, Moon Jae-in, attributed a deepening wealth gap between the rich and the poor to the 2020 COVID-19 pandemic. [6] South Korea's economy depends on the gross domestic product generated by a handful of the country's largest companies.
The economy of South Korea is a highly developed mixed economy. [19] [20] [21] By nominal GDP, the economy was worth ₩2.61 quadrillion (US$1.87 trillion).It has the 4th largest economy in Asia and the 12th largest in the world as of 2024. [3]
OECD Youth Unemployment Rate In South Korea 2001-2016 Source Created a chart from OECD Previously published: OECD Date 2017-12-08 Author Jek035. Permission
South Korea's Ministry of Employment and Labor (MOEL; Korean: 고용노동부; Hanja: 雇傭勞動部) is a cabinet-level ministry overseeing labor affairs.Its predecessor agency, the Division of Labor, was established under the direction of the Minister of Social Affairs (사회부장관) on 11 November 1948. [1]
The youth aged 15–24 years are the most vulnerable in the South African labour market as the unemployment rate among this age group was 59.0% in the 1st quarter of 2020. Among graduates in this age group, the unemployment rate was 33.1% during this period compared to 24.6% in the 4th quarter of 2019 – an increase of 8.5 percentage points ...