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