Number of unemployed forecast to top 1 mln

SEOUL, April 12 (Yonhap) -- The number of jobless people in South Korea is likely to surpass the 1-million mark as a persistent economic slump takes its toll on corporate payrolls, experts said Sunday.

Hit by plunging exports and anemic domestic demand, the Korean economy is mired
in the worst downturn in more than 11 years, throwing a growing number of people
out of work. The number of the jobless totaled 810,000 in February.
"The number of unemployed people is expected to exceed 1 million this week, when
March employment data is due out," said Kim Yong-seong, a researcher at the
state-run Korea Development Institute."
On top of the economic slowdown, seasonal factors are likely to push up the
number of jobless people, he said, adding the unemployment rate is usually high
in February and March.
The National Statistical Office is scheduled to release the country's jobless
data on Wednesday.
An economist at the prestigious Samsung Economic Research Institute, affiliated
with South Korea's top conglomerate Samsung Group, echoed Kim's view.
"Given recent rises in unemployment, economic conditions and seasonal factors,
the number of the jobless will likely hover around 1 million," Son Min-jung
predicted.
If their forecasts become a reality, it will the first time in eight years for
the number of the country's jobless people to break the 1-million level.
A total of 1.13 million people were jobless in March 2001, when South Korea was
struggling with a credit card bubble.
(END)