Number of 'economically inactive' people tops record 16 mln

SEOUL, March 29 (Yonhap) -- The number of "economically inactive people," or
those out of a job and not seeking work, topped a record 16 million last month in
South Korea as the nation's economy headed for its first recession in a decade,
government data showed Sunday.
The National Statistical Office said the nation's economically inactive
population, measuring everyone aged 15 and older, stood at 16.23 million as of
the end of February, an increase of about 70,000 people from the previous month.
"Economically inactive" refers to those who are not seeking work to focus on
childcare or education, or because of personal or physical reasons.
In January, the number of economically inactive people exceeded 16 million for
the first time since the government began compiling employment data in 1999.
The number of economically inactive men stood at 5.52 million in February, while
women accounted for 10.71 million, according to the data.
"The figure showed that more people were choosing not to seek work rather than
spend money to find a job," said Kim Yong-seong, a researcher at the state-run
Korea Development Institute.
"As the economic downturn continues, it's unlikely that we'll see any signs of
economic recovery for the time being."
Last month, the nation's jobless rate jumped 3.9 percent, the highest in almost
four years.
The government expects the economy -- which grew 2.2 percent last year -- to
shrink by 2.2 percent this year in what would be the first annual contraction
since 1998, when the nation was hit by the Asian financial crisis.
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