Weak household income despite solid labour market

A dilemma: Workers from the Korean Confederation of Trade Unions at a recent May Day rally in Seoul. The solid job growth has been led by older people and by relatively low-paying positions. — Reuters

SOUTH Korea’s labour market remains strong even as the country’s economy went through one of the toughest years in history during 2023, according to official figures.

It is fortunate, given that weak exports and depressed domestic demand have combined to bring gross domestic product growth down to the lowest in modern history last year except for crisis years.