Youth unemployment, aging population hinders S. Korean economy

Global Business

Although South Korea cut its interest rate to boost its economic recovery, it’s unlikely to help one of the most underlying problems in the country’s economy: youth unemployment. Coupled with the nation’s rapidly aging population, South Korea is struggling to find solutions for its future economy. Joseph Kim filed this report from Seoul.

Youth unemployment, aging population hindering South Korean economy

Youth unemployment, aging population hindering South Korean economy

Although South Korea cut its interest rate to boost its economic recovery, it's unlikely to help one of the most underlying problems in the country's economy: youth unemployment. Coupled with the nation's rapidly aging population, South Korea is struggling to find solutions for its future economy. Joseph Kim reported this story from Seoul.

Highlights:

  • Many South Korean students are staying in school because they can’t find a job.
  • Unemployment for those between 15-29 hit a 14-year high last year, according to Statistics Korea.
  • South Korea’s falling fertility rates is getting so serious that according to a simulation conducted by the country’s National Assembly, the population will go extinct by 2750.
  • South Korea boasts the world’s highest college graduation rates.

Troy Stangarone on challenges being faced by South Korea’s economy

For more on the challenges facing South Korea’s economy, CCTV’s Phillip Yin sat down with Troy Stangarone. He is the senior director of Congressional affairs and Trade at the Korea Economic Institute of America.

Troy Stangarone on challenges being faced by South Korea\'s economy

Troy Stangarone on challenges being faced by South Korea\'s economy

For more on the challenges facing South Korea's economy, CCTV's Phillip Yin sat down with Troy Stangarone. He is the Senior Director of Congressional Affairs and Trade at the Korea Economic Institute of America.