Seoul: This year, protests have erupted across Southeast Asia, Latin America, and parts of Africa, with even advanced economies experiencing upheaval. In France, the "National Paralysis Movement" against austerity measures shocked observers worldwide. Demonstrations also broke out in Italy, Spain, and the United States, with young people leading the charge.
According to Yonhap News Agency, these protests are not driven by traditional issues like political ideology, religion, or ethnic conflict. Instead, they stem from frustrations over unemployment, inequality, corruption, and financial hardship. Young people, disillusioned by years of economic struggles, have targeted the perceived greed and incompetence of older generations. The lack of job opportunities, exacerbated by advances in artificial intelligence and automation, is a central concern. As older workers hold onto existing jobs, young entrants to the labor market face challenges in finding stable, well-paying positions, leading to feelings of isolation and hopelessness.
Resentment among the youth is mounting, with some directing their frustration at foreign workers and migrants, whom they see as competitors. Additionally, anti-feminist sentiments are spreading, with young men sometimes viewing young women as rivals rather than partners. The political landscape is also shifting, with moderate voices giving way to radical ideologies on both the far right and far left. This trend poses significant challenges to democracies as populist leaders gain traction by offering short-term solutions.
Korea is not immune to these tensions, facing issues like xenophobia, anti-feminism, and radical politics among its young population. The risk of youth-led protests is growing as Korea's manufacturing sector struggles due to China's overproduction and U.S. tariffs. Data from the National Data Office reveals a decline in employment rates among those aged 15 to 29, with 17 consecutive months of decrease. Entrepreneurship is also declining, with a significant drop in the number of young business owners. Many young Koreans, classified as neither employed nor seeking work, are facing bleak prospects, with labor unions primarily defending the interests of older, full-time workers.
The desperation among young Koreans was highlighted by incidents in Cambodia, where some sought quick earnings or fell victim to scams. However, not all who went abroad had unrealistic expectations; the lack of opportunities at home played a significant role. As the stock market rises, many young people are turning to full-time investing, often taking on debt to trade. This trend is concerning, as financially insecure young adults and retirees become the most indebted stock investors.
The government, rather than stabilizing expectations, appears to encourage speculation, fostering beliefs that rising stock prices can resolve economic issues. However, history warns that markets built on easy liquidity and weak fundamentals rarely end well. President Lee Jae Myung has cautioned that Korea's real estate market may face a crash similar to Japan's "lost decades," with similar risks extending to the stock market. Sustainable policies, not short-term gains and populism, are necessary to provide young Koreans with the stable, meaningful jobs they need.