66717
S. Korea Youth Jobless Rate Rising Fast
S. Korea Youth Jobless Rate Rising Fast

S. Korea Youth Jobless Rate Rising Fast

S. Korea Youth Jobless Rate Rising Fast

South Korea’s youth unemployment has grown by the largest margin among member countries of the Organization for Economic Cooperation and Development, data showed Sunday.
As of April, the jobless rate among Koreans aged 15 to 24 stood at 11.2%, a 2.5 percentage point increase from 8.7% recorded in December last year, according to data from the OECD, Yonhap reported.
Out of 21 member countries of the OECD, Korea topped the list with the sharpest growth in youth unemployment, followed by Austria, which reported a 0.3 percentage point increase. The OECD average dropped 0.5 percentage point to 12.1% during the same period.
EU countries saw a 1.4% fall, while the US recorded a 0.6% decrease. Italy saw a dramatic 5.2 percentage point drop in its youth unemployment rate. Ireland and Spain saw declines of 3.9% and 3.5%, respectively.
Meanwhile, separate data from Statistics Korea released Wednesday showed that the employment rate declined only in the 20-29 age group in South Korea, reaching 58.8%, down 0.5% from a year ago in May.
The employment rate for the entire economically active population, or those aged 15-64, came to 67%, up 0.7% from the previous year, Statistics Korea said.
In the spotlight as the country confronts regional and domestic unrest, South Korea faces an uncertain economic future.  South Koreans are simultaneously dealing with a recent impeachment of their president, the election of a new president on a platform of aggressive reform, and a nuclear-equipped adversary to the north that grows ever more belligerent.

 

Short URL : https://goo.gl/RsFBJV
  1. https://goo.gl/7QZpxR
  • https://goo.gl/pA428J
  • https://goo.gl/VTVHA4
  • https://goo.gl/Vx9DZF
  • https://goo.gl/mxz5Vt

You can also read ...

Indonesia’s interest rate rise highlights need for urgent defensive action.
Argentina's return to financial chaos might seem remote to...
Pakistan Retains Stable Rating
Moody’s Investors Service said that Pakistan’s (B3 stable)...
Goldman Says US in Dire Straits
Goldman Sachs’ analysts delivered a weekend note on the United...
Taiwan Economic Sentiment Weakens
Sentiment toward Taiwan’s economy weakened in May after the...
Bruno Le Maire
The stability of the eurozone will be at stake if a populist...
Investments by state enterprise rose 11.5% from a year earlier.
Thailand produced its fastest economic growth in five years in...
Kazakhstan Doing Better Than 5 Central Asian Peers
Despite starting from similar points upon the collapse of the...
Chan Chun Sing (L) and CEO of the Singapore Business Federation Ho Meng Kit,  at The Business Times Leaders Forum on Monday.
With the rise in unilateralism and protectionism, the...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus