Table of Contents

I. 2022 Labor Market Overview

II. 2022 Labor Market Sectoral Review

III. Employment Outlook for 2023

Summary

employment recovery trend that appeared from the second half of 2021. Although it had been expected that the increase in the number of employed people would decline slightly due to the base effect of the previous year, in reality, the increase in 2022 exceeded expectations. As the number of the unemployed and the economically inactive population dropped at the same time, Korea’s labor market recovered its quantitative vitality. Despite various changes in internal and external conditions that could have a negative impact on the labor market, the number of employed people continued to rise, mainly in manufacturing and contactless services. Starting in Q3 2022, employment in traditional face-to-face services showed signs of recovery, especially in the accommodation and restaurants industry that had been slow to recover. However, the employment performance in 2023 is projected to decline compared to previous years, as the recent slowdown in employment growth and rising economic uncertainties—caused by the ongoing interest rate hike and inflation worries, and increased external economic risks—may be reflected in the labor market with a time lag.