Acting president says job market outlook remains 'challenging'
Acting President Choi Sang-mok speaks during a meeting with economy-related ministers in Seoul, Jan. 15. Yonhap
Acting President Choi Sang-mok offered a somewhat pessimistic forecast for the job market on Wednesday, partly attributing the latest employment figures to negative sentiment among employers.
In December, the country recorded a net loss of 52,000 jobs compared with the previous year, posting its first on-year decline in nearly four years. The December figure also marked a sharp turnaround from the 120,000 job additions the previous month.
"A combination of temporary factors, such as the termination of year-end job programs and the worsening sentiment among economic participants, has contributed to the outcome," Choi said during a meeting with economy-related ministers.
Choi, who also serves as deputy prime minister for economic affairs, predicted that the outlook for employment conditions would remain "challenging."
He cited several challenges, including delayed recovery in industries like construction, increasing competition in key sectors and a decrease in the working-age population, for such a gloomy outlook.
To stimulate job creation and boost domestic demand, Choi vowed to make every effort to ensure swift implementation of the national budget.
The government has announced plans to front-load 431.1 trillion won ($300.2 billion), or 75 percent of the 2025 fiscal budget of 574.8 trillion won, in the first half of the year to counter the prolonged economic slowdown. (Yonhap)