ID :
62231
Mon, 05/25/2009 - 10:05
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Shortlink :
https://www.oananews.org//node/62231
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S. Korea's joblessness to rise slowest among advanced economies: IMF
By Koh Byung-joon
SEOUL, May 25 (Yonhap) -- Unemployment in South Korea will grow at the slowest
pace among advanced nations this year, a report showed Monday, indicating the
nation might be better bracing for the impact that a protracted economic slowdown
would have on its labor markets than other rival countries.
According to the report by the International Monetary Fund, South Korea's jobless
rate will rise to 3.8 percent this year, up from 3.2 percent a year earlier.
The 0.6-percentage increase in unemployment rate is the lowest among 33 countries
categorized as advanced economies by the organization. Japan also posted the
lowest increase in job losses along with South Korea.
Cyprus came next with a 0.9-percentage point increase in joblessness followed by
Malta and Norway with 1.1 percentage points each, the Switzerland with 1.2
percentage points and the Czech Republic and the Netherlands with 1.3 percentage
points, the report showed.
South Korea was also among five economies among the 33 advanced countries that
the IMF forecast would post a decline in jobless rate next year.
South Korea's jobless rate was expected to decline to 3.6 percent in 2010.
Slovakia, Luxembourg, Cyprus and Iceland, were also expected to see a decline in
unemployment next year, according to the report.
The report comes as the South Korean government has been stepping up efforts to
generate jobs and stimulate slumping domestic demand by unveiling diverse tax
cuts and additional fiscal spending.
Last month, lawmakers approved a record 28.4 trillion won (US$23 billion) extra
budget, an additional spending package mostly intended to create jobs to help
prevent the nation's economy from lapsing into the first recession in more than a
decade this year.
In April, South Korea's unemployment rate fell to 3.8 percent from the previous
month's 4 percent. Job reduction slightly eased with 188,000 positions being
eliminated from payrolls last month compared with a year earlier. In March, the
economy shed 195,000 positions.
"With many countries in the world suffering from an economic recession, we are
preventing turbulence in its labor market with massive fiscal spending and
nationwide job-sharing drive," a finance ministry official said. "We expect
unemployment woes will ease steadily next year as an economic recovery will
likely materialize."
kokobj@yna.co.kr
(END)
SEOUL, May 25 (Yonhap) -- Unemployment in South Korea will grow at the slowest
pace among advanced nations this year, a report showed Monday, indicating the
nation might be better bracing for the impact that a protracted economic slowdown
would have on its labor markets than other rival countries.
According to the report by the International Monetary Fund, South Korea's jobless
rate will rise to 3.8 percent this year, up from 3.2 percent a year earlier.
The 0.6-percentage increase in unemployment rate is the lowest among 33 countries
categorized as advanced economies by the organization. Japan also posted the
lowest increase in job losses along with South Korea.
Cyprus came next with a 0.9-percentage point increase in joblessness followed by
Malta and Norway with 1.1 percentage points each, the Switzerland with 1.2
percentage points and the Czech Republic and the Netherlands with 1.3 percentage
points, the report showed.
South Korea was also among five economies among the 33 advanced countries that
the IMF forecast would post a decline in jobless rate next year.
South Korea's jobless rate was expected to decline to 3.6 percent in 2010.
Slovakia, Luxembourg, Cyprus and Iceland, were also expected to see a decline in
unemployment next year, according to the report.
The report comes as the South Korean government has been stepping up efforts to
generate jobs and stimulate slumping domestic demand by unveiling diverse tax
cuts and additional fiscal spending.
Last month, lawmakers approved a record 28.4 trillion won (US$23 billion) extra
budget, an additional spending package mostly intended to create jobs to help
prevent the nation's economy from lapsing into the first recession in more than a
decade this year.
In April, South Korea's unemployment rate fell to 3.8 percent from the previous
month's 4 percent. Job reduction slightly eased with 188,000 positions being
eliminated from payrolls last month compared with a year earlier. In March, the
economy shed 195,000 positions.
"With many countries in the world suffering from an economic recession, we are
preventing turbulence in its labor market with massive fiscal spending and
nationwide job-sharing drive," a finance ministry official said. "We expect
unemployment woes will ease steadily next year as an economic recovery will
likely materialize."
kokobj@yna.co.kr
(END)
