2 Million Unemployed In South Korea

May 19, 2020 | Investopaper

The number of unemployed people in South Korea has been rising steadily for the past four months and has so far exceeded two million. According to the data from January to April, the unemployment rate is the highest since 2000. The number has risen as the coronavirus epidemic has slowed trade, forced social distance, and led to a sharp decline in domestic and foreign exports.

The corona virus epidemic has led to the loss of most part-time workers as well as the full-time employment of those who have lost their jobs. Especially in the service sector, manufacturing sector, hotel and tourism sector, the number of job losses is increasing tremendously. Another important cause of unemployment is the sharp decline in exports. Export rates had fallen since the corona epidemic began in February. Exports, which had declined by 24.3 per cent in April, fell further to 46.5 per cent in May.

Unemployment has skyrocketed as most of the companies have been unable to export their products due to the decline in production and significant increase in staff cuts. Thus, the rising unemployment rate has started to have an effect on Nepalis who have come to Korea for employment.


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