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S. Korean population to drop by about 4 million by 2050 Updated: 2022-05-26 13:56:55 KST

South Korea is predicted to be dealing with shrinking population issues even in the year 2050.
Statistics Korea on Thursday reported its population projection for 2050.
It forecasts that South Korea's population
will drop by over 4 million.
The population in 2020 stood at around 51.8 million.
But it's expected that there will be approximately 47 million people in 2050 in South Korea.

The report goes on to say that the number of people in the working age bracket will also see a dramatic drop.
Those aged between 15 to 64 accounted for 72.1 percent of South Korea's population in 2020.
But by 2050 it's likely that this number will drop to a little over 51 percent.
One expert says more economically active women could be a solution to the plunging working population.

"Female labor force participation in South Korea is the lowest among the OECD countries. As the working population drops, it's becoming more important for the government to encourage women to participate in economic activities."

And despite the overall population decline,
the proportion of older adults will more than double from 15.7 percent in 2020 to 40 percent in 2050.

This may also raise concerns about the growing pressure on the working population to support them.
A look at the dependency ratio does nothing to alleviate those concerns.
The ratio.. which indicates the number of economically inactive people that 100 working people take care of stood at 38.7 in 2020.
By 2050, that's forecasted to surge to 95.8.

"Women were usually primary caregivers, to take care of elderly relatives at home. But now, as the female population is considered to be an important part of the country's economic activities, more welfare policies are needed for the elderly like nursing homes."

The rise in the number of older people will coincide with plunging youth population figures.
In 2020 around 12 percent of people living in Korea were aged between zero and 14.
But in 2050, that share is expected to drop to 8.8 percent.
Lee Rae-hyun, Arirang News.
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