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The economics of South Korean demographics
Jönköping University, Jönköping International Business School, JIBS, Economics. Department of Economics, Sogang University, Seoul, Korea.ORCID iD: 0000-0002-7902-4683
Department of Economics, Sogang University, Seoul, Korea.
2019 (English)In: Georgetown Journal of International Affairs, ISSN 1526-0054, no January 06, p. 1-5Article in journal (Refereed) Published
Abstract [en]

South Korea faces the problem of double demographics – an aging population and low fertility rates – which will decrease its economic growth potential. The share of the above- 65 population in the working-age population soared from 5.7 percent in 1970 to 18 percent in 2016 and may increase further. This trend reflects an increase in the elderly population and a decrease in the working-age population. In South Korea, however, the latter is more significant. Ranked by the under-15 population growth rate, Korea was the third-slowest OECD country in 2013, while it was ranked second-highest in 1970. According to fertility rates, Korea was third-highest among OECD countries in 1970, but descended to last in the 2015 ranking. These statistics demonstrate an urgent and essential issue for South Korean demographics, inducing the country’s current labor shortage and the heavy tax burden on working people – and slow economic growth as a result.

Place, publisher, year, edition, pages
Georgetown University , 2019. no January 06, p. 1-5
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-45447Local ID: ;IHHÖvrigtISOAI: oai:DiVA.org:hj-45447DiVA, id: diva2:1340622
Available from: 2019-08-06 Created: 2019-08-06 Last updated: 2019-08-06Bibliographically approved

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