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Korea's youth unemployment ― crisis to opportunity

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By Daniel Kim

In June 2017, President Moon Jae-In described Korea's youth unemployment as a potential "national disaster" and warned a generation of young Koreans could become a "lost generation." In March this year, the official rate of Korea's youth unemployment increased to 10.8 percent and Busan recorded a higher rate of 12.4 percent.

There are many structural and societal factors that are contributing to Korea's soaring youth unemployment ― job opportunities have declined in recent years.

Students and parents share a near universal goal of admission into one of the top-tier universities in order to secure a gold-collar job such as a doctor or white-collar employment at one of Korea's large conglomerates. Demand for prime university positions far outstrips supply.

There is also a huge salary gap between large conglomerates compared to........

© The Korea Times