Labor and Employment

South Korea is a small country with a large economy, ranked 110th globally in area size but 12th in terms of nominal GDP in 2018. Following its successful economic development after the Korean War, South Korea is considered a role model by many developing countries. Quickly recovering from the 1998 Asian crisis, its labor market has been sound and stable. Unemployment has remained low, and real earnings have increased steadily(Iza, 2018).

Overall, the South Korean labor market looks healthy. Unemployment has remained below 4% since 2002 and average real monthly earnings have increased considerably, with only a small dip during the global financial crisis. However, the South Korean labor market is facing difficulties related to youth unemployment, weak female labor force participation, rising earnings inequality, and a rapidly aging labor force. Policymakers should consider steps to strengthen the social safety net, develop labor market programs to promote fertility and female labor force participation, and encourage long-term investment in education(Iza, 2018).

Unemployment rates by gender and
                        age  Fatoumata Cisse