A South Korean private think tank has forecast that the employment shock from the COVID-19 pandemic will be more serious than it was following the 1997 Asian financial crisis.

In a report published on Monday, the Korea Labor and Society Institute said the number of newly employed was 26-point-five million in April, down one-point-02 million from just before the onset of the pandemic fallout in February.

The institute projected the decline in the number of people who found jobs to exceed the level from the 1997 financial crisis, stating that between December 1997 and February 1998, the number fell by 920-thousand.

The report added that during the 14 months following the 1997 crisis, the number plunged by one-point-six million.

Looking at recent data, the drop in new jobs was more visible among women - 620-thousand compared to 400-thousand men - and among seniors, with 440-thousand job-seekers in their 60s or older.