High Jobless Rate to Continue
The unemployment rate will remain high for 3-4 years, the Ministry of Labor announced on September 13.Dr. Choi Gang Shik of the ministry said, 'Although the economic growth rate next year is expected to be better than this year at about 2%, the annual unemployment rate will worsen to around 8.3%.'
He added, 'Especially the unemployment rate in the early half of next year is predicted to reach 8.5% with 1.8 million jobless, which is the worst ever in Korean market history.'
'There is little possibility that the chaebol will be able to hire new personnel, in the light of recent restructuring.'
with the Korea JoongAng Daily
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