ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

South Korea facing worst labor market crisis since 1997

As dreams fade for young, Moon calls for 900,000 publicly funded jobs by Q1

South Korean President Moon Jae-in, in a Feb. 5 speech, says South Korea’s unemployment crisis is the worst since the 1997 financial crunch.

SEOUL -- The prolonged novel coronavirus outbreak has dealt a body blow to the labor market in South Korea, causing the number of people in paid employment to plunge by nearly 1 million in January alone.

The current unemployment crisis is the worst since South Korea's financial crunch of 1997, President Moon Jae-in said Monday, pledging that his administration would take all possible measures to cope with it. But government-led efforts to create jobs have their limits.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more