{"id":2203701,"date":"2024-02-01T18:21:15","date_gmt":"2024-02-01T09:21:15","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203701"},"modified":"2024-02-02T17:25:16","modified_gmt":"2024-02-02T08:25:16","slug":"how-south-koreas-young-adult-crisis-challenges-nations-economic-goals","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/02\/how-south-koreas-young-adult-crisis-challenges-nations-economic-goals\/","title":{"rendered":"How South Korea\u2019s young adult crisis challenges nation\u2019s economic goals"},"content":{"rendered":"
An emerging trend among young South Koreans is drawing attention to its implications for the economy and society. A growing segment of the youth population, classified as NEET (neither in education, employment, nor training), is neither engaged in the job market nor in educational pursuits.<\/span><\/p>\n As of Oct. 2023, South Korea\u2019s NEET population has risen to <\/span>over 410,000<\/span><\/a>, making up about 4.9% of the nation\u2019s 15 to 29-year-old demographic group. This group is often <\/span>overlooked<\/span><\/a> in traditional unemployment statistics, which count only those actively seeking work.<\/span><\/p>\n The increase in NEETs poses a significant economic concern. A 2021 report by the Korea Economic Research Institutes <\/span>estimates<\/span><\/a> the annual impact of this demographic at approximately $52 billion (61.7 trillion won), equivalent to 3.2% of South Korea\u2019s gross domestic product.<\/span><\/p>\n The issue extends into the realm of mental health and social well-being. Studies <\/span>link<\/span><\/a> long-term unemployment and disengagement to increased risks of depression and social isolation. This is reflected in the experiences shared by individuals like Lee Mi-seon, a 29-year-old office worker who spoke to <\/span>Korea Pro<\/span><\/i> about the challenges she encountered during a prolonged job search.<\/span><\/p>\n \u201cAt some point, waking up every morning became an immense struggle,\u201d Lee told <\/span>Korea Pro<\/span><\/i>.<\/span><\/p>\n Park Eun-mi, the CEO of Neetpeople, a civic group that supports NEET youths supported Lee\u2019s claims.<\/span><\/p>\n \u201cMany of those seeking our help have previously faced periods of social withdrawal or are currently dealing with depression and a lack of motivation,\u201d Park said.<\/span><\/p>\n Research predominantly <\/span>focuses<\/span><\/a> on difficult job market conditions and a lack of quality employment opportunities to explain the rise of this demographic group. However, there is an increasing argument for viewing the problem through a wider social and cultural context, suggesting that the issue goes <\/span>beyond economic factors<\/span><\/a>.<\/span><\/p>\n