S.Korea’s working age population predicted to fall by 3.2 mn

South Korea is predicted to see its working age population shrink by a whopping 3.2 million during the 2020-2030 period amid the country’s graying demographics, a government report revealed on Thursday.

The estimate of people aged 15-64 would represent a turnaround from a growth of 1.17 million between 2010 and 2020 and 2.66 million during the previous decade, the Labour Ministry said in a report illustrating the seriousness of the country’s low birthrate and fast-aging population.

People aged 15 and over grew by 4.63 million during the 2000-2010 period and 3.96 million during the following decade, but the growth is predicted to dramatically slow down to 1.34 million during the 10-year period ending in 2030, the report showed.

The proportion of young people aged 15-29 is also estimated to go down to 14.7 per cent in 2030, compared with 19.9 per cent in 2020 and 23.8 per cent in 2010, according to the report.

The percentage of people aged 50 and over, meanwhile, may jump to 55 percent in 2030 from 45.8 per cent in 2020 and 35.1 per cent in 2010.

On back of such a demographic change, the economically active population, as defined by people aged 15 and over and able and willing to take a job, is predicted to start a downward turn after reaching its peak in 2025.

The report predicted during the 2020-2030 period overall, the country may see an addition of only 746,000 people in the economically active population, a steep fall from 3.05 million during the 2010-2020 period and 2.8 million during the 2000-2010 period.

The economically active population among the 15-64 age group, meanwhile, may shrink by 1.25 million between 2020 and 2030, the report also showed.

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