From 2013 to 2023, the number of employees in the business services sector in South Korea has steadily increased from 7.95 million to 9.15 million. On a year-on-year basis, the growth rate has varied, reaching its peak at 3.12% in 2014. The Compound Annual Growth Rate (CAGR) over the last five years has been approximately 1.51%. The sector saw consistent year-on-year growth, except for a slight dip in 2018.
Looking forward from 2024 to 2028, the forecasted data suggests a continuation of this growth trend, with the number of employees projected to reach 9.69 million by 2028. Although the CAGR for the next five years is expected to be 0.9%, lower than the previous period, it indicates a stable increase, with an overall forecasted growth rate of 4.61% over this period.
Future trends to watch for include:
- Technological advancements and digital transformation impacting workforce composition.
- Potential economic fluctuations influencing employment rates in the sector.
- Government policies on labor and business services that may affect growth.
- The impact of global market trends and trade relations on the local business services employment landscape.