SEJONG, Feb. 26 (Korea Bizwire) — The jobless rate in the southeastern city of Geoje hit a new record of 7.1 percent in the second half of 2018, the highest level in South Korea, government data showed Tuesday.
The figure marks the highest jobless rate for Geoje since the country started compiling jobs data for all 77 cities and 77 counties across the country in 2013.
Statistics Korea said the fallout of restructuring in Geoje — home to Daewoo Shipbuilding and Marine Engineering Co. and Samsung Heavy Industries Co. — is to blame for the poor numbers.
Daewoo Shipbuilding and Marine Engineering slashed the number of its employees to 9,933 at the end of September, from 10,226 at the end of 2017, through voluntary retirement.
Samsung Heavy Industries said the number of employees stood at 10,324 at the end of September, down from 10,680 at the end of 2017.
South Korean shipbuilders have been under severe financial strain since the 2008 global economic crisis, which sent new orders tumbling amid a glut of vessels and tougher competition from Chinese rivals.