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Issue Report

Collection of full-length papers and in-depth analysis of economic and management issues.

Economic Effects of Youth Unemployment and Fundamental Measures
- Restructuring the Education System

Economic Effects of Youth Unemployment and Fundamental Measures - Restructuring the Education System

SOHN Min-Jung

Sept. 1, 2010

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- Restructuring the Education System PDF email Print

Originally released on July 28, 2010

The first half of 2010 showed clear signs of a recovery in employment with an increase of 283,000 new jobs compared to the previous year. During the same period, however, the number of jobs for young workers dropped by 34,000. More recently, in June, the total number of jobs grew by 313,000 year-on-year, but the number of jobs for youths fell by 85,000.

Since the global financial crisis claimed a heavy toll on the youth labor market, employment rates for young adults and 30-something workers are still showing no signs of returning to the pre-crisis level. In the first half of the year, the actually-felt youth unemployment rate posted 23.0%, 2.7 times higher than the official youth unemployment rate of 8.6 %, indicating that nearly a quarter of Korea's young people are having difficulties in finding employment. The number of discouraged young job seekers surged to 1,162,000, which is 3.14 times the total number of unemployed youth in Korea (370,000), and surpasses the 1,159,000 recorded in 2009 during the global financial crisis. This evidently shows that the current youth unemployment problem remains far from being resolved despite the recent positive trends in employment.

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