Forecasting unemployment charges is essential for financial planning and policy-making. Correct predictions might help governments and companies put together for future labor market circumstances and implement applicable measures to mitigate unemployment’s unfavourable penalties. Within the case of South Korea, understanding future unemployment tendencies is especially necessary given the nation’s getting old inhabitants and quickly altering technological panorama.
The unemployment fee 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 major impression 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.
