The current population of Korea in 2015 is 51 million. (image: Kobiz Media / Korea Bizwire)
Seoul, July 8 (Korea Bizwire) — Research results say that Korea’s population will peak in 2030, reaching 52 million, and decrease afterwards.
The current population of Korea in 2015 is 51 million. This means that the population will increase by one million over the next 15 years, and start to decline in the following years. The decline is expected to result from an extremely low birth rate and aging.
In 2060, it is estimated that two out of five Koreans will be over the age of 65.
According to the ‘Population Prospects of Korea and the World’ research report published by the National Statistical Office on July 8, Korea’s population is expected to diminish after 2030, and shrink to 44 million by 2060. Korea is ranked 27th in the world population rankings, but at this rate, the country will fall to 31st in 2030 and 49th in 2060.
Based on this estimation, the elderly population rate (people over 65) will grow to 40.1% in 2060. In contrast, the juvenile population (ages 0 to 14) will decrease to 10.2%. This will lead to a decrease in the population capable of economic production (ages 15 to 64) to 49.7%. This means that the number of people economically active will be less than half of the total population.
Currently, 73 percent of Koreans are in an economically active state, and 13 percent are elderly. While 100 economically active people presently support 12.5 elderly people, in 2060 the same 100 will have to support 80.6 people, marking a drastic and unsustainable change.
The birthrate in Korea from 1970 to 1974 was 4.21 children per woman, but after 50 years, between 2010 and 2014 it dropped to 1.23 children. Meanwhile, the average life expectancy jumped from 62.7 from 1970 to 1974 to 81.3 between 2010 and 2014.
Francine Jung (francine.jung@kobizmedia.co.kr)
