The statistic shows the unemployment rate in South Korea from 2016 to 2020, with projections up until 2026. In 2020, the unemployment rate in South Korea was at around 3.94 percent. See the figures for the population of South Korea for comparison.
Economy of South Korea
South Korea is one of the world’s richest countries as well as a member of the G20, an organization made up of the 20 strongest economies in the world. Due to excessive growth from the 1960s to the 1990s, South Korea established itself as a developed country in the world with a strong economy and high wages. Continued economic growth is attributed to a robust export-oriented economy, which was deemed necessary for the country particularly due to a scarcity in natural resources as well as overpopulation in comparison to available living space.
During the global financial crisis, South Korea surprised many economists by maintaining a stable economy and even experiencing economic growth, most notably during the peak of the crisis. Through stimulus packages as well as a high level of consumption, South Korea’s strong export-oriented economy was not affected as negatively as many other developed countries. South Korea’s economy primarily revolves around the production and export of technological goods. Some primary exports of the country include electronics, ships and automobiles. South Korea also has some of the largest shipbuilding companies worldwide, which are highly profitable but also have accumulated a rather large sum of debt over the course of several years.
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IMF. (October 12, 2021). South Korea: Unemployment rate from 2016 to 2026 [Graph]. In Statista. Retrieved January 16, 2022, from https://www.statista.com/statistics/263701/unemployment-rate-in-south-korea/
IMF. "South Korea: Unemployment rate from 2016 to 2026." Chart. October 12, 2021. Statista. Accessed January 16, 2022. https://www.statista.com/statistics/263701/unemployment-rate-in-south-korea/
IMF. (2021). South Korea: Unemployment rate from 2016 to 2026. Statista. Statista Inc.. Accessed: January 16, 2022. https://www.statista.com/statistics/263701/unemployment-rate-in-south-korea/
IMF. "South Korea: Unemployment Rate from 2016 to 2026." Statista, Statista Inc., 12 Oct 2021, https://www.statista.com/statistics/263701/unemployment-rate-in-south-korea/
IMF, South Korea: Unemployment rate from 2016 to 2026 Statista, https://www.statista.com/statistics/263701/unemployment-rate-in-south-korea/ (last visited January 16, 2022)