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Government Warns Middle East Tensions Could Limit Job Growth, Youth Employment Remains Difficult


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▲ The national flag and government flag flutter at the Central Complex of the Government Complex-Sejong in Sejong on the afternoon of February 14, 2023. The Ministry of the Interior and Safety and the Ministry of Economy and Finance are scheduled to move into the building sequentially.

The government has diagnosed that escalating tensions in the Middle East could partially constrain recent job growth.

It also assessed that youth employment conditions remain difficult and decided to strengthen related responses.

The government held a joint task force meeting on jobs involving relevant ministries at the Government Complex-Seoul today (9th), co-chaired by Kang Giyong, Assistant Minister for Economic Policy at the Ministry of Economy and Finance, and Lim Youngmi, Head of the Employment Policy Office at the Ministry of Employment and Labor, to review this year's employment trends, next year's job project promotion plans, and the implementation status of direct job programs.

The government evaluated that while the upward trend in employment continues, difficulties persist in vulnerable sectors and sluggish industries such as youth, manufacturing, construction, and agriculture, forestry, and fisheries.

In particular, it noted that recent concerns over deepening tensions in the Middle East and the base effect from a large expansion in employed persons in September of last year could act as factors constraining future job growth.

Accordingly, the government decided to strengthen pan-governmental responses to ensure stable job growth.

First, it plans to proceed without a hitch in preparing and promoting major job programs included next year's budget bill, and closely manage the implementation status of each project so that policy effects can appear early after the budget is finalized.

For the recently announced "Youth Employment Recovery Measures," relevant ministries will cooperate to actively guide young people so they can fully understand the key support systems even before the budget is finalized.

Regarding the "Youth Playground" scheduled to be established next year, plans for collaboration between relevant ministries and institutions will be detailed to ensure that core functions operate smoothly, such as connecting youth who have completed training programs with work assignments.

Productive public jobs will also be continuously discovered and expanded in a direction that enhances social benefits.

As for direct job programs for stabilizing employment among vulnerable groups, 1.343 million people were hired through the end of August this year, surpassing both the August target of 1.271 million and the annual target of 1.288 million.

The government plans to monitor the implementation status of each project through the end of the year and promptly expand recruitment for programs that have additional hiring capacity.

(Photo: Yonhap News)

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