Forecasting unemployment charges is essential for financial planning and policy-making. Correct predictions may also help governments and companies put together for future labor market circumstances and implement applicable measures to mitigate unemployment’s detrimental penalties. Within the case of South Korea, understanding future unemployment traits is especially necessary given the nation’s ageing inhabitants and quickly altering technological panorama.
The unemployment charge in South Korea has been on a gradual decline in recent times, reaching a file low of two.9% in 2019. Nevertheless, the COVID-19 pandemic has had a major influence on the labor market, resulting in an increase in unemployment. In 2020, the unemployment charge rose to 4.0%, and it’s anticipated to stay elevated within the coming years.
