South Korea’s population is aging rapidly and is facing significant challenges. In 2023, it had the second-highest life expectancy globally, yet it also recorded the lowest fertility rate in the world, at just 0.72 births per woman. This trend is expected to persist and worsen in the years ahead. By 2025, South Korea is projected to become a “super-aged society,” with more than 20 percent of its population aged 65 or older. Efforts to reverse the declining birth rate have, so far, not yielded any success.
#1. The Current State of Aging Population in South Korea
Currently, the rapid change in the demographic structure of South Korean society is reflected in the transition to a prolonged low birth rate, along with increased life expectancy, leading to a swift shift towards a decline in population. According to the Korean National Statistical Office (KOSTAT), the country has yet to recover from the population decline, with the fertility rate (the average number of children born to a woman during her reproductive years) decreasing from 6.0 in 1960 to 2.06 in 1983 (with the total fertility rate falling below the replacement level of 2.1). Since 2001, South Korea’s total fertility rate has remained extremely low, fluctuating around 1.3.
#2. The Main Cause of the Aging Population in South Korea
The main cause of the aging population in South Korea is the declining birth rate. In spite of the South Korean government’s efforts to slow down the aging process, the number of infants continues to decrease. According to CNN, citing the South Korean government, the total fertility rate (TFR) calculated based on the average number of children each woman is expected to have in her lifetime, fell to its lowest level since 1970 in 2018. Specifically, the TFR in South Korea for 2018 was 0.98, compared to 1.05 in 2017, significantly lower than the standard TFR (2.1) needed to maintain a stable population.
#3. The Declining Birth Rate in South Korea
The declining birth rate in South Korea is due to the younger generation avoiding dating, marriage, and having children because they cannot find stable employment during an economic downturn. The Korea Institute for Health and Social Affairs (KIHSA) stated, in 2018, the majority of South Koreans aged 20-44 were single. Among those who are not dating, 51% of men and 64% of women reported that they actively choose to remain single.
Many people hesitate to enter into serious relationships due to concerns about economic difficulties and social issues. The majority of young South Koreans believe they lack the time and money because they are struggling to find jobs in a highly competitive job market. Additionally, high education costs, skyrocketing housing prices, and the challenges women face in seeking employment after taking time off to care for children are also factors contributing to the declining birth rate. Even when balancing work and parenting, women face double pressure due to household responsibilities. Furthermore, many South Korean companies are reluctant to hire women with children due to doubts about their commitment and concerns that mothers may not be able to dedicate enough time to work as required.
#4. How aging population affects economy
According to Bloomberg, studies by the International Monetary Fund (IMF) show that the aging population will reduce the productive capacity of an economy, leading to a decrease in Gross Domestic Product (GDP). For South Korea, the low birth rate raises concerns about a labor shortage, increases social welfare costs, and diminishes the growth prospects of the fourth-largest economy in Asia. In a recent report, the Bank of Korea (BoK) forecasted that the country’s economy will grow by 2.2% this year, down from 2.7% in 2018. According to the Nikkei Asian Review, over the past decade, despite spending 130 trillion won (approximately 116 billion USD) to prevent the decline in the birth rate, the South Korean government has yet to achieve significant results. To address this situation, experts suggest that South Korea should implement long-term and comprehensive policies to tackle the social issues that hinder women from becoming pregnant, giving birth, and raising children.
References
- Yoon, L. (2024, June 13). Aging population in South Korea – statistics & facts. Statista. Retrieved October 16, 2024, from https://www.statista.com/topics/12258/aging-population-in-south-korea/
- Data from the Korean National Statistical Office (KOSTAT)
- Data from CNN (Cable News Network)
- The Korea Institute for Health and Social Affairs (KIHSA)
- The Bank of Korea (BoK)
- The Nikkei Asian Review
Phoebe Hoang is deeply passionate about exploring neighboring countries, especially Asian nations because of their wonderful cuisine and diverse cultures. Korea is an ideal destination she is looking forward to visiting in the near future. Through her blog articles, Phoebe aims to share her own insights about Korean tourism and express enthusiasm for this beautiful country.