By the year 2040, one in three South Koreans will be 65 or older, according to a projection by Statistics Korea.
According to a report released on Thursday, the agency estimates that the country’s total population, including foreigners, will drop to 50-point-19 million in 2040, down by one-point-65 million from 51-point-84 million recorded in 2020.
During the same period, the portion of foreign nationals will rise from three-point-three percent to four-point-three percent.
The percentage of the working age population, a demographic range encompassing all those aged 15 to 64, will see a sharp drop from over 71 percent in 2020 to 55-point-seven percent in 2040.
The number of senior citizens aged 65 and older will more than double to nearly 17 million, accounting for more than 35 percent of the population by 2040.
The latest report further underscores the demographic challenges deriving from Korea’s low birthrate and aging society.
Source: KBS World Radio