Korea Ranks Dismally Low in Labor Relations

Published on 2018/05/27 | Source

Korea ranked 73rd among 137 countries in terms of labor market efficiency last year and near the bottom at 130th in labor relations.

The Korea Economic Research Institute said Wednesday the annual Global Competitiveness Report from the World Economic Forum shows that Korea's ranking in labor market efficiency inched up a little compared to 77th in 2016, but it is still in the lower middle.

Since peaking at 24th in 2007, the ranking has plummeted in the wake of the global financial crisis.

In the subcategory of labor relations, only seven countries fared worse than Korea, including Uruguay (131st), Haiti (133rd), and South Africa (137th).

Chu Kwang-ho of the institute said, "To create good-quality jobs within the country, we need to increase labor market efficiency to the level where it was 10 years ago, lure foreign investment, and bring manufacturing back home".