SEJONG, Sept. 27 (Korea Bizwire) – People aged 65 or older made up about 15 percent of South Korea’s population this year, a report showed Friday, highlighting concerns that the fast-aging demographic transition could pose a drag on the country’s economy.
According to the report by Statistics Korea, the number of people aged 65 or older stood at 7.68 million this year, accounting for 14.9 percent of the nation’s population.
The South Korean population is projected to peak in 2028, then go on a downward curve, the report showed.
However, the graying of South Korea will accelerate, with the number of elderly people rising to 19 million in 2050 — 39.8 percent of population.
By 2060, the number of elderly people could account for 43.9 percent of the country’s population, according to the report.