South Korea is expected to face a workforce shortage of up to 9 million in 2060 due to its ultralow birthrate, a report showed Monday.
The country has struggled with a low fertility rate, or the average number of babies that a woman is projected to have during her lifetime, for decades amid rising female social participation and demographic changes.
In 2014, the country's fertility rate stood at 1.2, well below the required replacement level of 2.1 births per female and the lowest among Organization for Economic Cooperation Development (OECD) member nations.
The report compiled by the Korea Institute for Health and Social Affairs shows that the country will start to suffer a workforce shortage in 2024 as the low birthrate trend is expected to continue in the coming years.
In 2060, there will be a lack of some 9 million needed workers, which will be equal to more than 20 percent of the total population at that time, the report noted.
"The number does not mean that we will actually face such a labor shortage in the future," said Lee Sang-lim, the author of the report. "It means that the South Korean economy will likely contract by as much as the labor needed over the period due to the low birthrate and demographic changes." (Yonhap)
The country has struggled with a low fertility rate, or the average number of babies that a woman is projected to have during her lifetime, for decades amid rising female social participation and demographic changes.
In 2014, the country's fertility rate stood at 1.2, well below the required replacement level of 2.1 births per female and the lowest among Organization for Economic Cooperation Development (OECD) member nations.
The report compiled by the Korea Institute for Health and Social Affairs shows that the country will start to suffer a workforce shortage in 2024 as the low birthrate trend is expected to continue in the coming years.
In 2060, there will be a lack of some 9 million needed workers, which will be equal to more than 20 percent of the total population at that time, the report noted.
"The number does not mean that we will actually face such a labor shortage in the future," said Lee Sang-lim, the author of the report. "It means that the South Korean economy will likely contract by as much as the labor needed over the period due to the low birthrate and demographic changes." (Yonhap)
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