Jung Min-ho has worked as a staff writer at The Korea Times since 2012, mostly covering social and political issues. He currently belongs to the Politics & City Desk where he covers topics such as health, labor and human rights. Prior to joining the team, he was responsible for covering North Korea and sports. His article about a biosecurity breach of Middle East respiratory syndrome won him an award from the Korea Science Journalists Association in 2016. He is also the co-author of the book, "Medical Pioneers of Korea" (2019). He served as the head of the international relations committee at the Journalists Association of Korea from 2021 to 2023.
7 in 10 companies believe Korea's low birthrate will trigger economic crisis: poll
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By Jung Min-ho
Nearly seven out of 10 Korean companies think their rapidly-graying society, a consequence of the country’s persistently low number of new babies, will eventually trigger an economic crisis, a poll showed Wednesday.
According to a report published by the Federation of Korean Industries, an economic group that largely represents major corporations, 68.3 percent of the surveyed human resources officials at Korea’s top 1,000 companies said they believe a drastic demographic shift will cause an economic plight in the near future.
Only 7.5 percent said there won’t be such a crisis, while 24.2 percent said they were unsure.
Of those who predicted a bleak outlook, 42.7 percent said an economic crisis is likely to arrive between six and 10 years from today, followed by 11 and 15 years from now (25.6 percent). More than 12 percent said it is expected within the next five years.
Among them, 45.8 percent said their biggest concern is labor supply, followed by a fall in revenues as a result of shrinking demand (19.2 percent) and a drop in the production rate due to aging workers (17.5 percent).
Asked about what the government should do first to tackle such looming issues, 35 percent picked a reform in Korea’s seniority-based wage structure, followed by more opportunities for older job-seekers (29.2 percent) and more participation by women in the labor market (24.2 percent).
At 0.72, the nation’s fertility rate ― the average number of children a woman has during her lifetime ― was by far the world’s lowest in 2023.