S. Korea's working population to decrease dramatically from 2020
- 5 years ago
South Korea's working population is set to decrease dramatically beginning next year,... sparking concern over the future of the nation's productivity.
That's according to the country's data agency on Sunday.
The number of Koreans aged between 15 and 64, who are considered eligible for work,... is expected to drop by 55-thousand this year.
But from 2020,... the number of people in the labor force is predicted to decrease by 330-thousand every year until 2029,.. with GDP likely to fall zero-point-four to five percentage points annually during those years.
The decline of the working population is largely attributed to the growing number of baby boomers entering retirement,... as well as the country's critically low birthrate.
That's according to the country's data agency on Sunday.
The number of Koreans aged between 15 and 64, who are considered eligible for work,... is expected to drop by 55-thousand this year.
But from 2020,... the number of people in the labor force is predicted to decrease by 330-thousand every year until 2029,.. with GDP likely to fall zero-point-four to five percentage points annually during those years.
The decline of the working population is largely attributed to the growing number of baby boomers entering retirement,... as well as the country's critically low birthrate.