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S. Korea's population to drop to 37 million by 2070: Statistics Korea Updated: 2021-12-09 17:03:24 KST

South Korea's population is forecast to drop drastically in the next few decades.
According to data released by Statistics Korea on Thursday, the total population is expected to drop from 51-million in 2020,. to 37-million in 2070.
That is a drop of more than 14-million people.
The decline is expected to pick up speed after the year 2035.

"The reason why the population declines sharply after 2035 is because there is a big drop in the number of people born after 2002, who will then be the main age group having children."

In 2070,.. the proportion of those aged between 15 to 64, will be the same as those aged 65 and up.

"If seniors take up a bigger portion of the population the overall income will decline, leading to less consumption. The economy will likely contract because businesses will reduce investment."

The number of newlywed couples in 2020 dropped 6.1 percent on-year, to 1.1-8 million.
The proportion of couples who have children in their first five years of marriage, also fell 2-percentage-points from the previous year, to 55.5 percent.
And the average number of children a newlywed couple have dropped slightly to 0.68.
More couples were found to have children after three years of marriage.

"Recently, many people don't plan on having kids until they are sure they have economic stability, which is roughly two years after marriage."

The data also showed that there was an increase of 2.9-percentage points in the number of dual-income couples.
For the first time, the number of couples who both work for a living outnumbered single-income households.
The average annual income also rose by 4.9 percent, to more than 51-thousand dollars.
Despite the increase, the number of couples who owned a house fell by 0.8 percentage points.
Choi Min-jung, Arirang News.
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