Daegu’s labor market is facing a significant structural crisis, with employment rates and wages lagging behind national averages. With an employment rate of just 58.4%, Daegu ranks the lowest among South Korea’s 17 regions, highlighting a troubling trend that could have long-term implications for the local economy. The potential unemployment rate, which includes discouraged job seekers, stands at 7.7%, the second highest in the country. Alarmingly, the youth demographic is particularly affected, with a staggering 18.

Daegu, a city in South Korea, is facing a significant economic crisis, with its per capita Gross Regional Domestic Product (GRDP) at a staggering 3,137,000 KRW, marking the lowest in the nation for 30 consecutive years. This alarming statistic highlights the city’s struggle to keep pace with the national average, which stands at approximately 63% higher. The situation is further exacerbated by a projected economic growth rate of -0.8% for 2024, making Daegu the only metropolitan area in South Korea expected to experience negative growth.