With 20 percent of the population aged 65 and over, South Korea is officially categorized as a “very aging society“. Ministry of Interior data released on Tuesday highlighted that this is mainly due to an extremely low birth rate, BTA reports.
At the end of last year, the country recorded just 0.7 births per woman – one of the lowest fertility rates in the world, far below the 2.1 needed to maintain the current population.
The elderly population is growing dramatically
Almost 10 million people in South Korea are now aged 65 and over, accounting for 20% of the total population of 51.2 million. This group has doubled since 2008, when the number of elderly people was about 5 million.
Elderly men make up 44% of this population, according to the ministry. South Korea is now in the same demographic category as aging countries such as Japan, Germany and France.
Failed efforts to boost birthrates
Despite significant government investments to boost birthrates – including initiatives such as egg freezing – these measures have not led to an improvement in demographic indicators.
Forecasts indicate that South Korea's population will fall to 39 million by 2067, with the average age then reaching 62 years.
Reasons behind the demographic crisis
Experts identify several key reasons for the declining birth rate:
- High education costs: Parents often feel financial pressure to provide a good standard of education for their children.
- Expensive living: Rapidly rising real estate prices make it difficult for young people to start a family.
- Social competition: Competition for stable and well-paid jobs is also having a serious impact.
- Women's double burden: South Korean women face the challenge of balancing their careers with household chores and raising children, which discourages them from starting larger families.
South Korea is facing a severe demographic crisis. If the trends of low birth rates and an aging population continue, the country will need to take even more drastic measures to prevent the economic and social consequences of its shrinking population.