Forecasting unemployment charges is essential for financial planning and policy-making. Correct predictions might help governments and companies put together for future labor market circumstances and implement applicable measures to mitigate unemployment’s damaging penalties. Within the case of South Korea, understanding future unemployment tendencies is especially vital given the nation’s growing old inhabitants and quickly altering technological panorama.
The unemployment charge 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 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.
