Korea | GPN

Korea
The Korean unemployment rate decreased to 4% in 2000, well above levels achieved in the previous "low unemployment structure" that prevailed before the 1997 financial crisis. The growth rate of the consumer price index hit a record low of 0.8% in 1999 and is forecast to be 2.3% in 2000 and 3.7% in 2001. The current account balance has been in surplus since 1998. Since 1987 profit rates in the manufacturing sector have been relatively high, fluctuating between 6% and 8%. While the proportion of employment costs to sales had stabilized around 12%-14% between 1988 and 1996, it declined to 11.4% in 1997 and 9.8% in 1998. Accordingly, the proportion of employment costs to sales in the manufacturing sector sank to its lowest levels since the 1970s. Organized labor has, therefore, been demanding its' fair share of Korea's economic growth and prosperity. The employment rate in 2000 stayed at 58.4%, which is far beneath its 1997 level. While the total number of employed workers generally continues to grow, the number of regular workers has kept decreasing since 1995, with only a slight increase in 2000. The number of temporary and daily workers has increased since 1993 in every year except 1998. As a result, the number of temporary and daily workers surpassed that of regular workers in 1999, and it reached 52.5% of all wage workers in 2000. The gap in wages between both rich and poor and between regular workers and temporary/daily workers has continued to grow through much of the 1990s.

To read a detailed labor market analysis for Korea, download one of the following [English language]:
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Microsoft Word [.doc] [size 1,081 kb]
For labor market data on Korea, download one of the following [English language]:
Adobe Acrobat [.pdf] [size 67 kb]
Microsoft Excel [.xls] [size 101 kb]
To read a detailed labor market analysis for Korea, download one of the following [Korean language]:
Adobe Acrobat [.pdf] [size 179 kb]
Microsoft Word [.doc] [size 5,565 kb]

Source:
KLSI —
Korea Labour & Society Institute
2nd Floor Seokdang Building
69-18 Chungjungro 2-ga, Seodaemungu
Seoul, 120-012, Korea
Tel: +82-2-393-1457/9
Fax: +82-2-393-4449
klsi21@chollian.net
http://www.klsi.org

Data posted: April 16, 2001.

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