South Korea’s remarkable transformation from one of the world’s poorest countries to one of the richest is unparalleled in recent history. But while official data show robust growth and low unemployment, the South Korean economy remains beset by deep structural challenges that could have a profound impact on its future prosperity.
Many South Koreans are pessimistic about the future, which reflects the intense competition that defines their lives, from education to employment. Young children spend most of their time in school or with private tutors, rather than playing outside with friends. Teenagers are under enormous pressure to secure a spot at a prestigious university. No wonder more than 27% of high-school students in South Korea report symptoms of depression.
Moreover, this enormous investment in education, especially college-admission prep, does not always translate into career success. It often takes graduates — even of elite institutions — years to find regular employment, resulting in many prolonging their time at university or enrolling in master’s degree programs. Recent research shows that South Korean college graduates land their first full-time nontemporary job at age 31, on average, only to be pushed out of these secure positions by the time they are 49. Unemployed middle-aged workers are forced to accept low-paying, temporary jobs or leave the labor market.
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