Despite the drive of the Korean economy, the youth unemployment rate almost triples the national average
The South Korean economy is going full steam ahead. It has kept up the same cruising speed (a growth rate above 3%) for many years, which has enabled it to become the fourth regional power behind China, Japan and India. This growth, known as the Miracle on the Han River, can be explained to a great extent by the support that large world-famous corporate groups, such as Samsung, Hyudai, LG or Lotte, receive from the government. Average monthly salaries of 2,000 euros and an unemployment rate of 3.9% attest to the good health of the Korean economy, which has seen a trade surplus for three years in a row.
However, there is some unfinished business, such as the access of young people aged 15 to 29 to a job. The official figures place the youth unemployment rate at 10.2%, but some economists place it at 25%. In order to alleviate this growing problem, the government of South Korea has announced that it plans to help 10,000 young people to find a job abroad; twice as many as last year. With this in mind, they will launch a renewed version of their K-Move programme next month, which will include ways of helping people who want to leave Korea in search of work opportunities. The Ministry of Strategy and Finance will publish information on employment in 15 countries, such as the type and number of jobs available, and they will post a database on their website on work opportunities.