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South Korea's enviable unemployment problem

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Eugene Hoshiko/AP/File

(Read caption) This file photo shows the South Korean national flag on the overpass ahead of Sunday's Korean Formula One Grand Prix at the Korean International Circuit in Yeongam, South Korea. South Korea has a youth unemployment rate of 6.7, which is far lower than all Western countries.

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In the English language Korean online newspaper Korea JongAng Daily, a writer called Kim Jong-so writes about rising discontent over high youth unemployment in South Korea. How high is it? 6.7%.

While that is higher than the less than 3% unemployment rate for middle age and older workers in South Korea, it is lower than in all Western countries. By comparison, youth unemployment was 22% in the EU as a whole, with even the country with the lowest youth unemployment rate, Holland, having a youth unemployment rate of 8.2%. All Western countries, but Spain in particular, with its 48.9% youth unemployment rate wiĆ³uld just love to have the level of problem with youth unemployment that South Korea has.

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