More than half of South Koreans believe that the nation’s labour market will further deteriorate this year, compared with the conditions before the Covid-19 pandemic, reports The Korea Herald citing data from think tank the Korea Economic Research Institute. The data showed that 77% of Koreans believe the job market is likely to worsen compared with conditions in 2019. Of the 77%, 44.6% believe that the market will “extremely deteriorate” this year. Meanwhile, 8.3% expressed optimism, with most saying that the market will “slightly recover.” Those in their 20s, who are considered the most active participants in job hunting, were the most pessimistic of all age groups. Approximately 83% said that the job market will worsen, with 53.2% of the 83% saying that it will “extremely deteriorate.” None of the respondents in their 20s replied that the market will “recover noticeably.”

The Covid-19 pandemic was picked as the number one factor behind the deteriorating labour market, with 45.3% of all respondents choosing the answer. More than a quarter, or 26.3% cited the government and the lawmakers’ toughened corporate regulations, while 10.7% pointed to the government’s pro-union laws.