SEOUL – South Korea is facing a growing crisis of youth unemployment, with young people increasingly struggling to find stable jobs and build a secure future. The situation has been exacerbated by the recent economic downturn, which has hit young people particularly hard.

A recent survey by Statistics Korea found that the youth unemployment rate (ages 15-29) stood at 46.1% in 2024, down 0.4% from the previous year. This is in stark contrast to the overall employment rate for those aged 15-64, which rose by 0.3% over the same period.

The survey also found that the number of young people who have given up looking for work altogether has increased by 12.3% in the past year. This suggests that many young people are simply giving up on their job search, which could have long-term consequences for the economy.

One of the main reasons for the high youth unemployment rate is the lack of quality jobs available. Many young people are forced to take low-paying, temporary jobs that offer little in the way of career prospects. This is especially true for those who have not graduated from college.

Another factor contributing to the problem is the rising cost of living in South Korea. Young people are finding it increasingly difficult to afford housing, transportation, and other basic necessities. This makes it even harder for them to find and keep jobs.

The government has taken some steps to address the problem, but they have not been enough to make a significant difference. In 2023, the government launched a program called the "Youth Guarantee," which aims to provide young people with the training and support they need to find jobs. However, the program has been criticized for being too small and for not reaching enough young people.

The youth unemployment crisis is a serious problem that could have long-term consequences for South Korea. If young people are unable to find stable jobs and build a secure future, they may become discouraged and give up on their dreams. This could lead to social unrest and economic stagnation.

The government needs to take more aggressive action to address the problem. This includes creating more quality jobs, making it easier for young people to afford to live, and providing them with the training and support they need to succeed.

[ⓒ Global Economic Times. 무단전재-재배포 금지]