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Economics

Moon’s Goal of Becoming Korea’s ‘Jobs President’ in Jeopardy

  • Rise in unemployment blamed largely on minimum wage increase
  • Extra budget to pay for new jobs languishes in parliament
Moon Jae-in
Moon Jae-inPhotographer: SeongJoon Cho/Bloomberg

South Korean President Moon Jae-in’s goal of becoming a “jobs president” is looking increasingly like a stretch, as joblessness rises despite his government’s efforts.

Unemployment in March jumped to the highest level since 2010, and many are blaming Moon’s aggressive increase in the minimum wage, putting his economic agenda at risk less than a year after he took office.