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No. of foreign residents in S. Korea to increase by 550,000 by 2040 Updated: 2020-10-15 13:27:41 KST

South Korea's population could look a lot different in 2040.
The number of foreign resident is projected to grow by 550-thousand over the next twenty years an increase of forty percent.
According to Statistics Korea on Thursday, foreigners made up 3.3 percent of the total population in 2020, but this figure is expected to climb to 4.5 percent by 2040.
While the number of foreigners is still rising, the number of South Koreans is falling.

"We can expect a more diverse population from these figures. There should be more policies concerning foreign residents and the children in these households."

South Korea's population is also aging very quickly.
This year, 8.3 million people in the country are aged 65 or older. That's 16.1 percent of the total population.
But by 2040, there'll be around 16.6 million people aged 65 or older. That's more than a third of the country's entire population.
Senior citizens are forecast to make up more than 20 percent of the total population in 2025, and surpass the 30-percent mark by 2035.
The sharp increase is mainly due to the nation's low birth rate and the aging population.
The nation's birth rate dropped below one in 2018, and fell even further to hit a record-low rate last year.
Bae Eun-ji, Arirang News.
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