Michael Kremer, an economics professor at the University of Chicago, speaks during a press conference held at the Songdo Convensia convention center in Incheon, west of Seoul, on May 2, 2023. (Yonhap)
INCHEON, May 2 (Korea Bizwire) — Accepting more immigrants will induce more women to participate in the labor market and help South Korea address its low birth rate as well, an economics professor at the University of Chicago said Tuesday.
Michael Kremer was visiting South Korea to take part in the 56th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Incheon, 27 kilometers west of Seoul, which kicked off for a four-day run on Tuesday.
During the event, Kremer said accepting more immigrant workers will help South Korea cope with lingering issues, including low birth rates and an aging population, while inducing more women to participate in the labor market as well.
“The fiscal impact of migrants is actually positive,” the 2019 Nobel laureate said, noting that the policy can also induce more highly educated women to find jobs in the market, eventually reducing inequality among Korean workers.
The number of babies born in South Korea dropped to yet another record low in February, reaching just 19,939, down 3.7 percent from a year earlier, according to the data from Statistics Korea.
The monthly figure has been falling on-year for 87 consecutive months.
Kremer, meanwhile, also noted that South Korea “faces a very different situation” compared with the past when it enjoyed speedy economic growth and that the country needs to reform higher education while maintaining flexibility.
(Yonhap)
