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South Korea: Employment Trends
2011-03-01
by goinglobal.com
As the world's 13th largest economy, South Korea has become a success story in many
ways. It has a trade volume recently ranked 11th in the world and the world’s fourth
largest foreign reserves. A world leader in the production of electronics, automobiles,
machinery, petrochemicals and robotics, Korea is home to Samsung, Hyundai and
POSCO.
Economic Outlook
While the prospects for most of South Korea’s industrial sectors are ‘bleak,’ the
economic crisis is showing signs of mitigation and prospects for the shipbuilding sector
are good. In a recent survey of major businesses’ performance, Korea Chamber of
Commerce and Industry (KCCI) Chairman Sohn Kyung-shik predicted that in the
near term, “… most of the industrial sectors, except for shipbuilding, will continue to
experience a hard time both in production, domestic consumption and exports.” Near-
term growth is expected in electronics, carmaking, iron and steel, and textiles compared
to their recent nosedive.
Employment Outlook
Despite some signs of a hoped-for economic recovery, the Korea National Statistical
Office recently reported that job losses had reached a 10-year high as the ranks
of the employed dropped by 195,000, or 0.8 percent from the previous year. The
unemployment rate reached four percent, and the employment rate fell 1.2 percentage
points year-on-year, but actually increased over the previous three months.
http://www.goinglobal.com/
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