Unemployment in South Korea
Overview of unemployment in South Korea / From Wikipedia, the free encyclopedia
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The unemployment rate in the Republic of Korea as of December 2021 is 3.7 percent.[1] Since its rapid globalization and democratization, the unemployment rate has been comparatively low compared to most OECD countries. This remains the case as of 2021. Being Asia’s fourth-largest economy, the country's booming exports have helped to maintain the unemployment rate very low by the standards of developed countries. There are several measurement differences between the standard of measurement set by the International Labour Organisation and the official measurement of unemployment in the Republic of Korea, set by Statistics Korea, that contribute to an inflated unemployment rate when compared to other countries that abide more strictly by the standard set by the International Labour Organisation.
Unemployment in South Korea | |
---|---|
Flag | |
Capital | Seoul |
Official languages | Korean |
Demonym(s) | Korean |
Area | |
• Total | 219,155 km2 (84,616 sq mi) |
Population | |
• Estimate | 51,446,201 (27th) |
GDP (PPP) | 2018 estimate |
• Total | 3.139 trillion |
Currency | South Korean Won (KRW) |
The official measurement of unemployment by the Republic of Korea differs slightly from the international standard set by the International Labour Organization, and this may skew the rate in different directions.