Forecasting unemployment charges is essential for financial planning and policy-making. Correct predictions can assist governments and companies put together for future labor market circumstances and implement applicable measures to mitigate unemployment’s unfavorable penalties. Within the case of South Korea, understanding future unemployment traits is especially necessary given the nation’s ageing inhabitants and quickly altering technological panorama.
The unemployment price in South Korea has been on a gradual decline lately, reaching a document low of two.9% in 2019. Nonetheless, the COVID-19 pandemic has had a big impression on the labor market, resulting in an increase in unemployment. In 2020, the unemployment price rose to 4.0%, and it’s anticipated to stay elevated within the coming years.
