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 [...]
SEOUL, Aug. 31 (Korea Bizwire) — A new study has found that the growth rate of South Korea’s gross domestic product (GDP) is expected to turn negative by the 2030s. According to a report released by the Korea Labor Institute yesterday at the 8th National Statistics Development Forum, negative growth is expected due to an [...]
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 [...]
SEJONG, Sept. 26 (Korea Bizwire) — South Korea’s senior population surpassed that of young people for the first time this year as the country ages at a rapid pace, government data showed Tuesday. The number of people over 65 years reached 7.07 million in 2017, accounting for a record 13.8 percent of all citizens, according [...]
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 [...]
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 [...]
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 [...]
SEOUL, Jul. 26 (Korea Bizwire) — South Korea’s rapidly aging population is likely to reduce the nation’s overseas equities investment as seniors will likely move to sell assets due to falling living standards, researchers at the Bank of Korea (BOK) said Wednesday. As the global financial markets become more interconnected, older people will have a [...]
SEOUL, May 8 (Korea Bizwire) – Prime-age workers, supposedly the most economically active group that earns and spends more than any other, are slowly disappearing from the South Korean job market, Statistics Korea said last Saturday. According to recent figures from the government statistics agency, the number of workers aged between 25 and 49 is [...]
SEJONG, April 13 (Korea Bizwire) – One-member households are projected to increase sharply over the next few decades as rapid demographic changes speed up a trend toward smaller family units, a government report showed Thursday. Households consisting of a single member will reach 8.1 million in 2045, accounting for 36.3 percent of the total families [...]