Working Papers
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Working Papers
Working Papers
(Working Paper 2024-01) 2023 Labor Market Review and 2024 Outlook
More- Date February 15, 2024
- Attach (Working Paper 2024-01) 2023 Labor Market Review and 2024 Outlook.pdf
- ContentIn 2023, Korean labor market exhibited resilience despite a possible base effect of the previous year’s employment recovery, a population growth of approximately 100,000 to 150,000 persons, and this year’s relatively low economic growth rate. Compared to the same period last year, the number of employed persons rose by 336,000 individuals (January-October), and as of October, the unemployment rate stood at 2.1%, and the employment rate reached 63.3%, indicating a robust performance. High employment growth was observed among women and older individuals, while employment for males in their 20s and 30s-40s experienced a slowdown. By industry, the service sector has shown the strong employment growth, while the manufacturing and construction industries has struggled. The Korea Labor Institute (KLI) considers the following facts comprehensively for the 2024 labor market forecast: 1) the aforementioned base effect and population impact may remain weak until next year; 2) the employment growth for women and older adults may be sustained; and 3) the export-oriented economic recovery affect employment with limitations and a time lag. The 2024 labor market is projected to see an increase of 257,000 employees compared to the previous year. The annual employment rate is forecasted to be 62.9%, with an unemployment rate of 2.7%.
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