By Choi Sung-jin
If Korea manages to increase women's economic participation, the nation will be able to maintain its working-age population in 2040 at the present level, a foreign expert said.
"The rate of female economic participation in Korea is lower than in other OECD countries," said Philip O'Keefe, a senior fellow of the World Bank, at a breakfast meeting in Westin Chosun Hotel, downtown Seoul, Tuesday.
O'Keefe noted that the rapid increase in the economically active population greatly contributed to the economic growth of Korea and other East Asian countries from the 1960s to the '90s. "Now, however, their working-age population has sharply decreased because of population aging and a low birthrate," he said. "Korea will see its economically active population decline 15 percent by 2040, showing the steepest drop in East Asia."
He said this country can slow the decrease in the working-age population to a certain extent by accepting more immigrant workers and expanding women's economic participation. "Especially, it is important for more women to join the workforce," O'Keefe said.
According to Statistics Korea, the nation's economically active population, aged 15-64, is expected to peak at 39.04 million in 2016 and turn downward starting in 2017. The women's economic participation rate stood at 51.3 percent last year, slightly higher than half and falling far short of hitting the government's original target of 60 percent.
If Korea manages to increase women's economic participation, the nation will be able to maintain its working-age population in 2040 at the present level, a foreign expert said.
"The rate of female economic participation in Korea is lower than in other OECD countries," said Philip O'Keefe, a senior fellow of the World Bank, at a breakfast meeting in Westin Chosun Hotel, downtown Seoul, Tuesday.
O'Keefe noted that the rapid increase in the economically active population greatly contributed to the economic growth of Korea and other East Asian countries from the 1960s to the '90s. "Now, however, their working-age population has sharply decreased because of population aging and a low birthrate," he said. "Korea will see its economically active population decline 15 percent by 2040, showing the steepest drop in East Asia."
He said this country can slow the decrease in the working-age population to a certain extent by accepting more immigrant workers and expanding women's economic participation. "Especially, it is important for more women to join the workforce," O'Keefe said.
According to Statistics Korea, the nation's economically active population, aged 15-64, is expected to peak at 39.04 million in 2016 and turn downward starting in 2017. The women's economic participation rate stood at 51.3 percent last year, slightly higher than half and falling far short of hitting the government's original target of 60 percent.
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