aging population Archives | Be Korea-savvy
S. Korea’s Growth Potential Set to Decline Due to Aging Population

S. Korea’s Growth Potential Set to Decline Due to Aging Population

SEOUL, Sept. 9 (Korea Bizwire) — South Korea’s growth potential is expected to fall at a faster rate than earlier anticipated largely due to the aging of the population that will also lead to a cut in the number of eligible workers, a central bank report said Monday. The country’s growth potential for the 2016-2020 [...]

Nearly Half of S. Korean Population to be Aged 65 or Older by 2067

Nearly Half of S. Korean Population to be Aged 65 or Older by 2067

SEJONG, Sept. 2 (Korea Bizwire) — The proportion of people in South Korea aged 65 years or older could increase sharply amid a rapidly aging population, the country’s statistics agency said Monday. Statistics Korea forecast that the country’s population is likely to reach 39 million in 2067, sharply down from 51.7 million in 2019. It [...]

Sangju Officials Wear Black After Population Drops Below 100,000

Sangju Officials Wear Black After Population Drops Below 100,000

SANGJU, Feb. 22 (Korea Bizwire) – Government employees in Sangju, North Gyeongsang Province, came to work in black ties after receiving the news that the city’s population had shrunk to less than 100,000 people. On February 8, the population of Sangju dipped below 100,000 people for the first time in recent history. Following the news, city government [...]

Institute Predicts Insurance Companies Will Experience “Degrowth”

Institute Predicts Insurance Companies Will Experience “Degrowth”

SEOUL, Oct. 5 (Korea Bizwire) — Due to the increase in the aging population and decrease of a productive workforce, local insurance companies are expected to go through “degrowth.” According to the Korea Insurance Research Institute (KIRI), the insurance premiums of insurance companies are expected to fall 1.7 percent per year by 2022 compared to [...]

40 Percent of S. Korean Municipalities at Risk of Being Abolished: Survey

40 Percent of S. Korean Municipalities at Risk of Being Abolished: Survey

SEJONG, Aug. 13 (Korea Bizwire) — About 40 percent of South Korean municipalities may be abolished in the future because of declining birthrates and an aging population, a survey by a state-run research institute showed Monday. Lee Sang-ho, a researcher at the Employment Information Service, released the study, conducted in June, which measured the sustainability [...]

Single-member Households to Become Most Common Dwelling Arrangement in 2045

Single-member Households to Become Most Common Dwelling Arrangement in 2045

SEJONG, Aug. 22 (Korea Bizwire) — One-person families will likely become the most common household type in all South Korean cities and provinces in the next 30 years amid the country’s low birthrate and rapidly aging population, government data showed Tuesday. Households consisting of a single member are forecast to account for 36.3 percent of [...]

Aging Population to Face Labor Force Shortage in 10 Years, Bank of Korea Says

Aging Population to Face Labor Force Shortage in 10 Years, Bank of Korea Says

SEOUL, Aug. 11 (Korea Bizwire) — A new report from the Bank of Korea claims South Korea will begin facing labor force shortages in 10 years in the face of an aging population, with the economically active population expected to plunge 13 percent by 2050. According to the report released by Lee Cheol-hee, an economics professor [...]

Ageing Population to Reshape South Korean Industry, Report Says

Ageing Population to Reshape South Korean Industry, Report Says

SEOUL, Aug. 3 (Korea Bizwire) — A new report has claimed South Korea’s ageing population will reshape the landscape of the country’s industry. The report from the Bank of Korea (BOK) released on Wednesday discusses the relationship between an ageing population and industrial structure, welfare and the healthcare service industry. In the report, Kang Jong-gu, the [...]