By Lee Hyo-sik
Koreans can look forward to living until 90 on average in 2040, with a per capita income reaching close to $40,000, a private institute projected in a report submitted to the government Monday.
The country’s record-low birthrate is forecast to stop its downward trend and eventually rise in the decades to come.
These are some of the projections made by the Hybrid Culture Institute at Sungkyunkwan University. In a report titled ``Koreans’ Quality of Life in 2040,’’ the institute said Koreans will live to be 89.38 years old on average in 2040, up from 80.1 years in 2008, thanks to improved healthcare and nutrition.
The nation’s per capita income is projected to jump to $38,408 from $17,175 in 2009. Its birthrate, or the average number of babies expected per woman aged 15 to 49, will rise to 1.42 from 1.15 during the 30-year period.
``The era of $40,000 per-capita income will likely come around 2040 if the nation continues to nurture growth engines by innovating its major industries and opening its economy in the coming years,’’ the institute said. ``In 2040, Koreans will live longer, and spend more on leisure and other activities designed to improve the quality of life.’’
The institute made the report at the request of the Ministry of Strategy and Finance.
Koreans are also expected to spend a daily average of 5.87 hours on various leisure activities in 2040, up from 4.8 hours in 2008, with households’ spending on private education declining to 3.95 percent of total expenditure from the current 5 percent.
They will surf the Internet more, and use cellular phones and other information technology devices for longer in the future.
Koreans are expected to be online for 113 minutes per day on average in 2040, up from 80 minutes in 2008, while talking on mobile phones for 31 minutes, up from 15 minutes in 2009, the institute projected.
However, it did not draw a rosy picture for every aspect of Koreans’ life in the future.
The job market outlook is bleak. The unemployment rate among young people aged 15 to 29 is projected to reach 8.62 percent in 2040, up from 7 percent in 2010, meaning high school and university graduates will continue to face tough job market conditions for many years to come.
The institute expected only 40.7 percent of the population will consider marriage as a necessity in life, down from 56.6 percent in 2009.
The projected portion of people willing to financially support their elderly parents fell to 19.2 percent, down from 40 percent in 2008.
``The country’s traditional values based on Confucianism are expected to weaken significantly going forward. The majority will become less willing to tie the knot, and support parents and grandparents,’’ according to the institute.