In the second quarter of 2023, the unemployment rate among Chinese youth rose again, reaching a record level of 21.3%. In this respect writer Business Insider (BI) cites data from the National Bureau of Statistics of the People’s Republic of China.
Therefore, one in five residents of the PRC, aged 16 to 24 years, has difficulty finding a stable source of income. At the same time, the registered unemployment rate among all age categories in China was 5.3%.
However, the rising unemployment rate among local youth has been going on for several months. For example, it was 20.4% in April and has already increased to 20.8% in May. However, Chinese officials said the country’s economy has steadily recovered in the first half of the year, following the end of coronavirus restrictions. Thus, GDP grew by 6.3 percent in the second quarter compared to the same period of 2022.
Market experts agree that the growth rate may hide the problems in the country’s economy due to the low level of economic indicators last year. If these distortions of the coronavirus lockdown are removed from the statistics, the Chinese economy could be in a deplorable state.
In mid-June, Reuters reportedIt was reported that the unemployment rate in South Korea in May fell to 2.5% compared to April, the lowest level since June 1999 when the relevant calculations began.
Formerly International Labor Organization estimated Worsening of workers’ situation in 2023.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.