SEOUL, South Korea – South Korea’s population is set to face a dramatic decline in the coming decades, with its global ranking falling by 30 positions over the next 50 years, according to a report by Statistics Korea. The report, released on September 23, highlights the nation’s aging population and low fertility rate as the primary factors contributing to this decline.
The report predicts that South Korea’s population will drop from the current 52 million to 36 million by 2072, a decrease of 30.8%. As a result, the country’s global population ranking will drop from 29th to 59th, with its share of the world’s population decreasing from 0.6% to 0.4%.
This decline is attributed to South Korea’s rapid aging, with the proportion of elderly people in the population expected to rise from 19.2% this year to 47.7% by 2072. This would make South Korea the third oldest country in the world, after Hong Kong (58.5%) and Puerto Rico (50.8%). The average age of South Koreans is projected to rise from 46.1 years to 63.4 years by 2072, far above the global average of 39.2 years, Europe’s average of 48 years, and North America’s average of 44.1 years.
The country’s low fertility rate is also a significant concern. Last year, South Korea’s total fertility rate was 0.72, the lowest in the world, along with Macau (0.66) and Hong Kong (0.72). By 2072, the fertility rate is expected to rise slightly to 1.08, but it would still rank last in the world.
The report also notes that South Korea’s population is expected to decline further, with the population of the Korean Peninsula dropping from the current 78 million to 59 million. The world ranking for the Korean Peninsula will fall from 20th to 40th.
The implications of this population decline are far-reaching, affecting various aspects of South Korea’s society and economy. The aging population will put pressure on the country’s healthcare and pension systems, while the shrinking workforce could lead to economic stagnation.
To address these challenges, the South Korean government has implemented various policies to encourage childbirth and immigration. However, these efforts seem to have had limited success so far, as the population continues to decline.
In conclusion, South Korea’s population is facing a challenging future, with its global ranking set to plummet in the coming decades. The country must address its aging population and low fertility rate to ensure its long-term sustainability and prosperity.
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