According to the South Korean Statistical Office, South Korea suffered the country’s most drastic job loss since 1999 as a result of the coronavirus pandemic.
South Korea in particular employed 26.56 million people in April, 476,000 fewer than in the previous year. This is the largest drop in employment since February 1999 compared to the previous year.
In addition, the labor force participation rate, ie the percentage of over 15-year-olds who “actively” participate in the labor market, either working or looking for a job, also declined by 1.6 percentage points in April by up to 62 percent.
According to the South Korean news agency Yonhap, this number is the largest decline since 2000 when the South Korean markets were affected by the Asian financial crisis.