The unemployment rate in South Korea remained unchanged at 3.8 percent in April 2020 from the previous month and down from 4.0 percent in the same month of last year, as the coronavirus outbreak is dragging down employment less than expected. The number of unemployed declined by 3 thousand to 1.051 million, while the number of employed went down by 338 thousand to 26.504 million. The labour force participation rate fell to 61.6 percent from 62.4 percent, and the employment rate dropped to 59.3 percent from 60 percent. The Korean government plans to invest more than USD 200 billion of stimulus, or 10% of GDP, to support businesses and thus slack the rate of unemployment.
Unemployment Rate in South Korea averaged 3.65 percent from 1999 until 2020, reaching an all time high of 7.10 percent in June of 1999 and a record low of 3 percent in September of 2002. This page provides - South Korea Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Statistics Korea
Unemployment Rate in South Korea is expected to be 4.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in South Korea to stand at 4.40 in 12 months time. In the long-term, the South Korea Unemployment Rate is projected to trend around 4.00 percent in 2021 and 3.90 percent in 2022, according to our econometric models.