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S. Korea to witness world's fastest drop in labor population over next 20 years: WTO Updated: 2019-12-09 13:55:30 KST

Korea's working age population will continue to decline in the coming years.
That's according to the World Trade Organization, who said on Monday that South Korea's working population will plunge by a whopping 17 percent by 2040.
This is a faster drop than any other country in the world, and is exactly the opposite trend of the global average, which is forecast to increase 17 percent during the same period.
South Korea had 37 million people of working age, defined as those aged 15 to 64, last year.
Over the next 20 years, that number will fall to about 25 million.
The report blames the demographic transition, namely the country's low birthrate and rapidly aging population.
Experts point to raising labor productivity as one solution.

"You can raise labor productivity by increasing investment or increasing productivity of the workers either through having people produce more per hour or producing higher value per hour. If you can't raise productivity, you would have to have more workers, probably through immigration."

In fact, the country's National Assembly Research Service has pointed out that such a dramatic drop in labor population may cause a lack of overall labor productivity and eventually threaten the country's economic growth rate.
South Korea's GDP is only expected to grow by 65 percent by 2040, which also falls behind the global average of 80 percent.
KIM Da-mi, Arirang News.
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