Forecasting unemployment charges is essential for financial planning and policy-making. Correct predictions will help governments and companies put together for future labor market situations and implement applicable measures to mitigate unemployment’s detrimental penalties. Within the case of South Korea, understanding future unemployment developments is especially necessary given the nation’s getting older inhabitants and quickly altering technological panorama.
The unemployment fee in South Korea has been on a gradual decline lately, reaching a file low of two.9% in 2019. Nonetheless, the COVID-19 pandemic has had a major 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.
