World Economy

S. Korea Youth Joblessness Worsens

S. Korea Youth Joblessness WorsensS. Korea Youth Joblessness Worsens

South Korea’s youth unemployment rate marked 9.2% last year, the highest ever; and job market conditions are expected to worsen due to companies’ reluctance to recruit new workers amid an economic slowdown, Yonhap reported. According to Statistics Korea, Wednesday, the unemployment rate of those aged between 15 and 29 stood at 9.2% last year, up 0.2 percentage points from the previous year. This is the highest figure since 1999 when the statistics office adopted new criteria for compilation of unemployment data. The unemployment rate for the young has been rising each year, from 7.5% in 2012 to 8% in 2013 and 9% in 2014.