South Korea recorded its highest job creation in two decades in 2022

Share your love

South Korea registered in 2022 its highest volume of job creation in two decades thanks to the economic recovery after the break generated by the pandemic, according to the Korea Bureau of Statistics.

The year 2022 closed with the creation of 816,000 new jobs compared to the previous year, more than double the 317,000 that were generated in 2021 and the maximum since 2000, when 882,000 new jobs were created thanks to the recovery after the Asian tiger financial crisis.

The number of people who closed 2022 with a job in South Korea, a country of 51.7 million inhabitants, was 28.08 million.

In turn, the unemployment rate was 2.9%, eight tenths less than at the end of 2021.

The sectors that saw the highest employment growth were healthcare, social work, manufacturing and hospitality, while wholesale and retail, finance and insurance recorded job losses.

However, the Bureau of Statistics warns in its report that job creation slowed in the second half of the year due to the global situation, including the war in Ukraine, and the fact that the escalation of inflation has led the Bank of Korea (BoK) to raise rates decisively, Measure that usually slows down hiring.

In fact, the Ministry of Finance already expects job creation in 2023 to remain almost flat and unemployment to increase slightly.

Read Also   US and EU team up to curb competition from China in trade and technology
Share your love

Leave a Reply

Your email address will not be published. Required fields are marked *