16
March, 2020
56% 19% 24%
High Impact Medium Impact Lower Impact
South Korea
Latest Available Workforce Statistics
- February 2020
Total Workforce
28m
Unemployed
1.15m
Impact of Coronavirus
▪ The Government is providing cash vouchers worth US
$7.5bn to encourage spending.
▪ The Labour Ministry paid out 0.9tn (~US $750M) in
unemployment benefits in March to over 600K people.
▪ Schools have been closed since February although
elections recently took place.
Employment Share: Coronavirus - Likely Impact by Sector
High Impact Medium Impact Lower Impact
Accommodation
and Food Services
8%
Construction
8%
Education
7%
Real Estate;
Business and
Administrative
activities
11%
Financial and
Insurance Activities
3%
Human Health and
Social Work
Activities
8%
Manufacturing
17%
Mining and
Quarrying
<1%
Public Admin,
defence, social
security
4%
Wholesale and
Retail trade
14%
Transport, storage
and communication
9%
Utilities
1%
Arts, Entertainment,
Recreation and
other services
6%
Agriculture, Forestry
and fishing
5%
Share of Workforce based on Sector and Likely Impact of Coronavirus on Jobs
Forecast YOY Change
-1.2%
IMF GDP
Forecast*
*IMF Real GDP Forecast is a baseline scenario which assumes pandemic containment
measures are gradually wound down in the second half of 2020. IMF, World Economic
Outlook, April 2020
IMF, World Economic Outlook, April 2020 https://www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april-2020
https://ilostat.ilo.org/data/ https://www.ilo.org/global/topics/coronavirus/lang--en/index.htm
https://www.lexology.com/research/hubs/coronavirus
https://tradingeconomics.com/
https://uk.finance.yahoo.com/news/south-korea-proposes-6-2-
https://kosis.kr/eng/statisticsList/
