City
Epaper

COVID-19 drives S. Korea unemployment to record high

By IANS | Updated: May 18, 2020 12:55 IST

The number of unemployed South Koreans hit a record high in the first four months of this year mainly ...

Open in App

The number of unemployed South Koreans hit a record high in the first four months of this year mainly due to the coronavirus pandemic, a report showed Monday.

Roughly 2.08 million people in the country remained unemployed during the January-April period, according to the report from Choo Kyung-ho of the main opposition United Future Party.

The figure was the largest since data tracking began in 2000, while the report was based on raw data from Statistics Korea, reports Yonhap News Agency.

In the four-month period, about 1.05 million South Koreans lost their jobs due to staff downsizing by their employers or company financial troubles, also the largest since 2000.

The number of jobless people and those who lost jobs voluntarily was well above those during the 2008 global financial crisis.

The jump in the number of unemployed people came as Asia's fourth-largest economy has been hit hard by the coronavirus outbreak amid a prolonged economic slowdown.

Strict social distancing measures have sent private consumption into a free fall as people avoid going out and tighten their purse strings amid the coronavirus fallout.

To date, the novel coronavirus has infected more than 11,000 people in South Korea, with the death toll reaching 262.

( With inputs from IANS )

Tags: United Future PartyasiakoreaYonhap News Agency
Open in App

Related Stories

HealthCovid-19 Surge In Asia: Could the JN.1 Variant Spark a Global Resurgence?

Social ViralWatch: Korean Dad Sings ‘Chanda Hai Tu’ to Soothe Indo-Korean Baby, Video Wins Hearts

BusinessReligious Freedom Violation and Intolerance Spark International Controversy

NashikNashik Resident’s Mahalaxmi Decor Features Impressive Collection of Global Currencies (See Pics)

BusinessBloodbath on Asian Indices, Markets in Red Amid Bank of Japan’s Rate Hike and Yen Appreciation

International Realted Stories

International"Iran wants to speak to us, not Europe": US President Trump

InternationalTrump announces peace treaty between Congo and Rwanda, says "great day for Africa"

InternationalIndia's High Commissioner leads Yoga Day celebrations in London

International"Delaying further meant entering campaign at clear disadvantage": IDF chief on strikes against Iran

InternationalIDF strikes Iranian missile crews preparing launches