South Korea's unemployment rate was unchanged in April but the number of employed fell at its fastest in more than two decades, data showed on Wednesday, as efforts to contain the coronavirus pandemic shut businesses and cut social activity.
SEOUL - South Korea’s unemployment rate was unchanged in April but the number of employed fell at its fastest in more than two decades, data showed on Wednesday, as efforts to contain the coronavirus pandemic shut businesses and cut social activity.
Asia’s fourth-largest economy could contract this year as global demand for Korean goods falls and jobs vanish across the service and manufacturing sectors, even as policymakers pump out stimulus to keep credit flowing to businesses. The economy faces a “wartime situation” with “colossal” damage from the pandemic, President Moon Jae-in said on Sunday, the third anniversary of his inauguration.“Unemployment fears are spreading beyond self-employed small business owners, non-permanent workers and day labourers to affect almost all employees, including full-time employees and those at mid-market companies and large businesses.”
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