S. Korea's population aging fast

By Park Sae-jin Posted : March 27, 2014, 18:15 Updated : March 27, 2014, 18:15
People aged 65 or older accounted for 12.2 percent of South Korea’s population of 50.2 million in 2013, the government reported Thursday.

The figure is higher than 11.8 percent tallied in 2012, an indication that the country’s population is aging at a fast pace. The comparable figure stood at 3.8 percent in 1980.

The ratio is expected to further rise to 24.3 percent and 32.3 percent by 2030 and 2040, respectively, according to the report released by Statistics Korea.

The report comes amid growing concerns that South Korea is fast becoming an "aged society," with those aged 65 or older constitute 14 percent of the total population or more.

Experts warn that the aging population, coupled with low birth rates, will lead to fewer working people, thus posing a serious threat to the nation’s economy.

The country's population will reach a peak of 52.16 million in 2030 and then decrease to 51.09 million in 2040, the report said. 
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