The Youth Labor Market and SMEs
Since 2010, a number of major countries specifically and the OECD average on aggregate have experienced a marked drop in the unemployment rate of young people aged 15 to 29. In particular, the unemployment rates of young people in the United Kingdom and the United States, which had risen since the global financial crisis, fell sharply in the 2010s. The youth unemployment rates of Germany and Japan also recorded steady declines.
But youth unemployment rates in Korea and Australia have risen since the global financial crisis, rare cases among OECD countries. Although Korea’s youth unemployment rate is similar to the OECD average as of 2017, its rising trend is something to worry about.