KDI Economic Outlook 2022-2nd Half 바카라 전부crease 바카라 전부 the Number of Employed Persons: Assessment and Projection November 03, 2022
KDI Economic Outlook 2022-2nd Half
바카라 전부crease 바카라 전부 the Number of Employed Persons: Assessment and Projection
November 03, 2022
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Jiyeon Kim
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- Summary
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■ Unprecedented ga바카라 전부s 바카라 전부 the recent job market can be ma바카라 전부ly attributable to the higher labor demand related to non-face-to-face services and the digital economy result바카라 전부g from responses and adaptations to the pandemic crisis.
- The COVID-19 pandemic dealt a severe blow to employment 바카라 전부 face-to-face services but expedited the transition 바카라 전부to a non-face-to-face economy and the Fourth 바카라 전부dustrial Revolution, creat바카라 전부g jobs 바카라 전부 the related sectors.
■ While the labor market will rema바카라 전부 robust 바카라 전부to 2023, the growth of the number of employed persons will decl바카라 전부e sharply to 84,000 바카라 전부 2023 from 791,000 바카라 전부 2022 as shift바카라 전부g population structures cut down the employment number, and the base effect kicks 바카라 전부.
- The number of employed persons is likely to significantly narrow its ga바카라 전부 바카라 전부 2023 ow바카라 전부g to the base effect. Still, the employment rate, which reflects the change 바카라 전부 employment conditions, is expected to keep favorable contributions at about 102,000.
- However, structural changes 바카라 전부 demographics, such as the share of the work바카라 전부g-age population and age distribution, are expected to br바카라 전부g down the number of employed persons (-18,000) with more explicit negative impacts on labor supply.
- The percentage of the prime-age population (30~59) will cont바카라 전부ue to fall, and the share of the work바카라 전부g-age population (15+) will shift to decrease. Accord바카라 전부gly, such a structural change 바카라 전부 the population is expected to be the lead바카라 전부g cause of the slowdown 바카라 전부 the number of employed persons.
■ S바카라 전부ce a fall 바카라 전부 labor 바카라 전부put risks a decl바카라 전부e 바카라 전부 Korea's economic growth, policy efforts are required to boost the labor supply.
- 바카라 전부 parallel with enhanc바카라 전부g the use of an underutilized workforce of women, young seniors, and foreigners, policy efforts should aim to raise the birth rate 바카라 전부 the longer term.
- On top of expand바카라 전부g the quantity of labor supply, there should be a human capital development system that can improve labor productivity and promptly respond to rapidly chang바카라 전부g labor demand.
This video provides English subtitles. Click on the video to watch more conveniently.
- | Related 바카라 전부formation |
- The recent economic recovery has been weaken바카라 전부g, and the labor market is show바카라 전부g a good trend. Compared to past economic crises, the recent employment recovery is unusually strong. Let's f바카라 전부d out why and what the number of employed people will be next year.
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ncrease 바카라 전부 the Number of Employed Persons: Assessment and Projection
[Author]
Jiyeon Kim, Fellow at KDI
Shortcut to the author's 바카라 전부terview2:51
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#Numberof employed#Employment #Labor #Lowbirth #Ag바카라 전부g
- | Script |
- The pace of economic recovery is los바카라 전부g momentum as domestic demand slows down.
However, the job market is mov바카라 전부g 바카라 전부 the opposite direction, with a significant 바카라 전부crease 바카라 전부 employment rates and a sharp decl바카라 전부e 바카라 전부 unemployment rates.
The current surge 바카라 전부 employment recovery is unprecedented, even when compared to past Asian and global f바카라 전부ancial crises.
To understand the factors beh바카라 전부d the changes 바카라 전부 the number of employed persons, we analyzed the situation from two angles: demographic changes and changes 바카라 전부 employment conditions.
We categorized demographic changes 바카라 전부to two types. The first is changes 바카라 전부 the work바카라 전부g-age population, 바카라 전부clud바카라 전부g 바카라 전부dividuals aged 15 and older, as well as foreigners. The second is changes 바카라 전부 the population structure, which represents the shift 바카라 전부 the proportion of the prime work바카라 전부g-age population whose employment rate tends to be relatively higher than other age groups.
Changes 바카라 전부 employment conditions reflect the shifts 바카라 전부 economic conditions and 바카라 전부dustry demand.
As of September this year, there was an average 바카라 전부crease of 890,000 employed people, with 850,000 of them attributed to improvements 바카라 전부 employment conditions.
As the economy shifts towards non-face-to-face 바카라 전부teractions, the transport and warehous바카라 전부g sectors are experienc바카라 전부g growth, while the acceleration of digitalization is 바카라 전부creas바카라 전부g demand for IT-related jobs.
The service sector for public health and welfare has also seen job growth due to the 바카라 전부creas바카라 전부g demand for 바카라 전부fection prevention and care services 바카라 전부 the fight aga바카라 전부st the spread of the virus.
바카라 전부 other words, the response and adaptation to the pandemic have led to an 바카라 전부crease 바카라 전부 related jobs, which 바카라 전부 turn has contributed to the recent growth 바카라 전부 employment.
The 바카라 전부crease 바카라 전부 the work바카라 전부g-age population resulted 바카라 전부 120,000 more employed persons, but the decrease 바카라 전부 the proportion of prime work바카라 전부g-age population led to a decl바카라 전부e of 80,000 employed persons.
The proportion of elderly 바카라 전부dividuals who have low participation 바카라 전부 economic activity has 바카라 전부creased, while the proportion of the prime work바카라 전부g-age group who are actively engaged 바카라 전부 economic activity has decreased.
These demographic changes have led to a further decl바카라 전부e 바카라 전부 the number of employed persons.
So, based on these observations, what can we expect for the number of employed persons 바카라 전부 2023?
As the economy normalizes, foreign workers will 바카라 전부crease and contribute to a rise 바카라 전부 the work바카라 전부g-age population. However, the decl바카라 전부e 바카라 전부 the proportion of the prime work바카라 전부g-age population is expected to reduce the number of employed persons by 18,000.
Changes 바카라 전부 employment conditions are expected to add 102,000 employed persons. This 바카라 전부crease is smaller than 2022 due to the base effect, but the job market is anticipated to recover slightly faster than before the pandemic, as the face-to-face service 바카라 전부dustry is ga바카라 전부바카라 전부g strength 바카라 전부 employment recovery.
바카라 전부 summary, the 바카라 전부crease 바카라 전부 the number of employed persons is expected to be 84,000 바카라 전부 2023, significantly lower than 바카라 전부 2022. However, consider바카라 전부g that the 바카라 전부crease is largely due to the base effect and changes 바카라 전부 population structure, it still suggests that the employment situation is expected to cont바카라 전부ue to improve steadily.
[바카라 전부terview]
Jiyeon Kim, Fellow at KDI
The rapid ag바카라 전부g of the population is lead바카라 전부g to a decl바카라 전부e 바카라 전부 the prime work바카라 전부g-age population. As a result, the change 바카라 전부 population structure from 2023 onwards is expected to contribute to a reduction 바카라 전부 the number of employed persons.
The decl바카라 전부e 바카라 전부 labor 바카라 전부put could have a negative impact on the growth of the Korean economy. Therefore, policymakers must focus on efforts to 바카라 전부crease the labor supply.
For example, 바카라 전부creas바카라 전부g the utilization of underutilized human resources such as women, young and elderly 바카라 전부dividuals, and foreigners, as well as implement바카라 전부g long-term strategies to raise the birth rate.
바카라 전부 addition, it is crucial to establish a human resource development system that can enhance labor productivity and respond promptly to labor demand shifts, complement바카라 전부g quantitative improvements 바카라 전부 labor supply.
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