The low birthrate and population aging issues have already reached a critical point in this country. According to the Ministry of the Interior and Safety, 32.5 percent of registered residents were in their 40s and 50s as of June, up 2 million from December 2008. In contrast, those in their 20s and 30s accounted for 26.2 percent of the entire population, down 2.18 million from 2008. The average age of Koreans rose 6.4 years, from 37 to 43.4, during the same period. The proportion of senior citizens aged 65 and older is expected to climb from 15.7 percent in 2020 to 20.3 percent in 2025 and 43.9 percent in 2060.
Even more serious is the low birthrate. Korea's total fertility rate ― the average number of children a woman bears in her lifetime ― was 0.84 last year, an unprecedentedly low level worldwide. Some experts even predict the rate could drop to the 0.70 range this year. As the low birthrate and rapid population aging proceed, the working-age population is dwindling steeply. The number of economically active people aged 15-64 peaked at 37.65 million in 2018 but fell by 290,000 to 37.36 million just two years later.
All this explains why Economy and Finance Minister Hong Nam-ki tweeted recently, “Without special measures, an 'agequake' will hit Korea in 2030-2040 following a demographic cliff.” The nation should take this matter very seriously. The Korea Economic Research Institute estimated Korea's population would fall by half in 2060, saying the country will have to worry about its existence itself in four decades.
The biggest problem is there is no clear solution. The government says it would develop various countermeasures, but it seems to have missed the right time already. Astronomical sums of money have been spent, but the birthrate keeps falling. Extraordinary measures are needed. The entire nation should pay attention to the declining birthrate and population aging by placing foremost priority on these issues. The next decade will decide whether the country can avoid the demographic cliff or not. Korea should mobilize all policy capabilities before it crosses the bridge of no return.