The unemployment rate in South Korea jumped to 5.4 percent in January of 2021 from 4.6 percent in the previous month and compared to 4.0 percent in the same month of the previous year. It was the highest unemployment rate since October of 1999, as the pandemic continued to weigh heavily. The number of unemployed surged by 262 thousand to 1.519 million, while the number of employed went down by 298 thousand to 26.485 million. Meanwhile, the labour force participation rate decreased to 62.3 percent from 62.4 percent, and the employment rate dropped to 58.9 percent from 59.6 percent. source: Statistics Korea
Unemployment Rate in South Korea averaged 3.67 percent from 1999 until 2021, 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 March of 2021.
Unemployment Rate in South Korea is expected to be 5.50 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 4.30 in 12 months time. In the long-term, the South Korea Unemployment Rate is projected to trend around 3.80 percent in 2022, according to our econometric models.