Korea to become world's most aged society by 2067

The Korea Times

The Korea Times

Finance

Wed, December 6, 2023 | 02:50

Policies

Korea to become world's most aged society by 2067

Posted : 2019-09-02 19:52

Updated : 2019-09-02 21:17

Working population expected to fall to 45.4 percent

By Jhoo Dong-chan

Korea will become the world's most aged society by 2067, with a low birth rate coinciding with a fast-aging population, a study released by Statistics Korea showed, Monday. It's expected that in 2067, the proportion of the country's elderly among the entire population will become the highest while that of its working age population will be the lowest compared to the world's projected averages, the study said Monday.

According to the study, the world's current population is estimated at 7.71 billion, up 30 percent from 20 years ago. Under the current pace, the world's population is expected to reach 10.38 billion by 2067.

The world's population growth is, however, in stark contrast to Korea's situation where the current population of 51.7 million is projected to decline by 13 million to 39 million by 2067. The country's population is expected to peak at 52 million in 2028.

The study added Korea is aging faster than any other country in the world.

By 2040, elderly people aged over 65 are expected to account for 33.9 percent of Korea's population, the second highest figure in the world.

The figure will reach 46.5 percent by 2067, making Korea the world's most aged society, up threefold from its current figure of 14.9 percent.

"Korea is currently fastest aging society in the world," said a Statistic Korea official. "The number of Korea's elderly people aged over 65 is expected to be twice higher than the world's average."

The productive population aged between 15 and 64 accounts for 72.7 percent in Korea's entire population now, but the figure is projected to be down 27.3 percentage points to 45.4 percent by 2067.

"This could impose a tremendous pressure on production and investment while shrinking economy. If the current demographic trend continues social pressures, including pensions, will gravely burden younger generation," said Korea University economist Kang Sung-jin.

"Along with the government's ongoing policies encouraging childbirth, including subsidizing childcare services, it should review its plan to accommodate foreign workers."

Korea's rapid aging trend is also closely related to its low birthrate.

Statistics Korea said in its study last month that the country's birthrate hit a record low of 0.98 last year, down 0.08, or 7.1 percent, from 1.05 a year ago.

This made Korea become the only country in the world with a birthrate below 1.

The data suggested unification between North and South Korea could be a solution.

The entire population of North and South Korea is estimated at 77 million won now. By 2067, the figure is expected to decline to 67 million, but the proportion of the productive age population is projected to be 51.4 percent, about 6 percentage points better than that of South Korea's individual figure.

jhoo@koreatimes.co.kr