Forecasting unemployment charges is essential for financial planning and policy-making. Correct predictions can assist governments and companies put together for future labor market situations and implement applicable measures to mitigate unemployment’s adverse penalties. Within the case of South Korea, understanding future unemployment developments is especially vital given the nation’s ageing inhabitants and quickly altering technological panorama.
The unemployment fee in South Korea has been on a gradual decline in recent times, reaching a document 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.
