APD | South Korea's working-age population to sharply fall through 2040

By APD writer Alice

South Korea’s working-age population (people aged 15 to 64) will decrease 17 percent on average in the next 20 years, according to the World Trade Organization's(WTO) World Trade Report 2019.

The decline is the sharpest among major economies and is in stark contrast to the 17 percent average growth in the world.

In particular, the WTO report projects that the number of unskilled workers in South Korea will slip 51 percent by 2040, the biggest fall among working-age populations in countries worldwide.

However, the number of high-qualified South Koreans will increase by up to 26 percent by 2040, said the report.

As a result of the truncated workforce, South Korea's gross domestic product will expand 65 percent by 2040, lower than the world average of 80 percent.

Many experts are worred that the low birth rate and the population aging will make the workforce in South Korea even shrink more rapidly than in the US, Japan and European countries, possibly hindering national growth potential.

As of September 2019, the working-age population in South Korea stood at about 44.6 million. Of the figure, around 8.47 million lived in the capital city of Seoul.

(ASIA PACIFIC DAILY)