The Unemployment rate of South Korea attained a value of 3.00 % in 2024
The indicator recorded a historical change (bps difference) of 70 bps between 2021 to 2024, and is expected to grow by...
GlobalData projects the figure to change by bps between 2025 and 2029, reaching...
Unemployment
Unemployed people are those that are actively looking for work but are having no luck. The unemployment rate is derived by dividing the total number of unemployed people by the total population of a certain region or workforce. It is one of the most important measures of a country's economic health.
Global Unemployment
The International Labour Organization estimates that by the end of 2021, the average regional unemployment rate will be 9.6%, down from the 10.6% it reached in 2020 but up from the 8% that was noted in 2019, which is used in this case as a benchmark to determine the impact of the pandemic's first two years.
The Organization for Economic Cooperation and Development (OECD) reported that the unemployment rate in OECD regions fell below the pre-pandemic rate when its February 2022 unemployment numbers were published in April 2022. Since this data series' inception in 2001, this is its lowest point. Additionally, the OECD region's unemployment rate decreased further, dropping by 0.7 million to 34.9 million people.
Unemployment Rate of South Korea
The unemployment rate in South Korea in 2021 stood at 3.7%. Between 2018-2021, the unemployment rate in South Korea was highest in 2020 at 3.9% and lowest in 2021 at 3.7%. The unemployment rate decreased by 6.5% on a year-on-year basis in 2021 and decreased by 2.1% between 2018-2021.
The unemployment rate decreased to 3.7% in 2021, due to resumed economic activities. According to the GlobalData forecast, the unemployment rate is expected to be 3.7% in 2022 and will continue in the same range till 2024. The unemployment rate exhibited a moderate increase in the past four years (2015–19). According to GlobalData, the unemployment rate was 3.8% in 2019 and it shot up to 4% in 2020 amid the pandemic.
The economy added 831,000 jobs on an annual basis in March 2022 and the unemployment rate decreased by 1.3 percentage points from the previous year of 3.0%
Factors that Cause Unemployment
Some of the key factors that affect unemployment in a nation are recession, government policies, geographic labor mobility, technological breakthroughs, the global economy, growing populations, and worker education, training, and skill development.
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