Seoul, South Korea – South Korea's job market experienced a significant slowdown in 2023, with the number of jobs created hitting a record low since the government began tracking the data in 2016. According to the latest job administrative statistics released by the Statistics Korea on [date], the total number of jobs increased by a mere 200,000 to 26.66 million, marking a mere 0.8% growth rate.
A notable trend in the data was the decline in jobs for those in their 20s. This demographic experienced a job loss of 80,000, marking the first-ever decrease in this age group. The Statistics Korea attributed this decline to a combination of a low birth rate and a downturn in the retail industry, where many young people are employed.
Furthermore, the job market for those in their 40s also contracted, with a loss of 110,000 positions. This was mainly due to a slowdown in the construction industry and the continued downturn in the retail sector.
While jobs for older workers aged 60 and above increased by 380,000, primarily driven by growth in the healthcare and social welfare sectors, the overall job market painted a less rosy picture.
In terms of company size, small and medium-sized enterprises saw an increase in jobs, while large corporations experienced a decline. This was particularly evident in the financial sector, where job cuts and branch closures led to a reduction of 60,000 positions.
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