KDI Economic Outlook 2020-1st Half The Employment Situation of Youth and Policy Suggestions May 20, 2020
KDI Economic Outlook 2020-1st Half
The Employment Situation of Youth and Policy Suggestions
May 20, 2020
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Joseph Han
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- Summary
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■ Youth employment deserves more attention in times of crisis, particularly in a rapidly aging society.
■ The current economic crisis, which is caused by restrictions on face-to-face interaction and movements, is different from previous economic crises; also, the effects of employment policies may differ from those in the past.
■ While active discussions are now underway to expand social safety nets and reduce blind spots, additional measures are required for the young unemployed who have never been employed.
■ Even if the health crisis ends shortly in Korea, it will take a considerable amount of time to get employment back on track. Policies to create jobs for youth are needed.
■ If the health crisis does not end shortly, the economy is expected to undergo structural changes. The government needs to prepare longer-term measures such as new industrial policies and educational reforms.
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