Youth unemployment has increased in Korea.

Youth unemployment has increased in Korea.

 

Korean youth face a serious problem of high unemployment. Finding a satisfactory job has become more and more difficult, especially compared to their parents' generation. The job market is so competitive that even the so-called elite students often fail to get their dream jobs. In result, many Korean youth get frustrated and find themselves in a lack of self-regard.

Why have the jobless rate of Korean youth increased? Why Korean youth can't easily find their job? Why the job markets have become more and more highly competitive?

We can find the first reason in terms of economic growth.

Economic growth of Korea has been slowed down since Korea joined the ranks of advanced countries.

The average growth rates were approximately 7% in the 1960s. It has decreased since then from 6% in the 1970 to 5% in the 1990s and 4% in the early 2000s.

So, It means there have been fewer and fewer job openings for the new job applicants.

Also, the increasing number of the students who get a bachelor's degree is also an important reason.

Highly educated students tend to want a well-paid and stable job, which is obviously very few and hard to get.

In other words, there is a huge discrepancy between demand and supply in those kinds of jobs.

It causes many students who have a highly educational background to fail to get those jobs and remain as job seekers.

High unemployment of youth affects negatively the economy by having the healthy human resources jobless. It'll cause a severe crisis not just economically but socially unless we put our heads together and find the solution to get over this problem.