**South Korea’s Elderly Population Grows as Birthrate Falls**.
Seoul, South Korea – South Korea’s elderly population is growing at an alarming rate as the country’s birthrate continues to decline. According to data released by the National Statistical Office, the number of people aged 65 or older reached 8.5 million in 2023, accounting for 16.8% of the total population. This marks a significant increase from 10 years ago, when the elderly population only accounted for 11.5%..
The decline in the birthrate is a major contributing factor to the aging population. In 2023, South Korea’s total fertility rate (TFR) fell to 0.79, the lowest level on record. This means that on average, each woman in South Korea is having less than one child. This is well below the replacement rate of 2.1, which is needed to maintain a stable population level..
The aging population has a number of negative consequences for South Korea. One major concern is the strain it puts on the country’s social welfare system. As the number of elderly people increases, so too does the demand for healthcare, pension benefits, and other social services. This can put a significant financial burden on the government and taxpayers..
Another concern is the shortage of young workers. As the elderly population grows, the number of young people entering the workforce declines. This can lead to labor shortages and economic slowdown..
The South Korean government is aware of the challenges posed by the aging population and is implementing a number of policies to address the issue. These policies include encouraging childbearing, increasing immigration, and raising the retirement age. However, it remains to be seen whether these measures will be enough to reverse the trend of population aging..
**The following are some additional facts and figures about South Korea’s elderly population:**.
* The life expectancy in South Korea is 82.9 years, one of the highest in the world..
* The elderly population is growing at a faster rate than the overall population..
* The number of people aged 80 or older is expected to reach 6.5 million by 2050..
* The government is spending an increasing amount of money on elderly care..
* The aging population is putting a strain on the country’s social welfare system..
* The shortage of young workers is a major concern for the economy..
The aging population is a major challenge for South Korea. The government is implementing a number of policies to address the issue, but it remains to be seen whether these measures will be enough to reverse the trend of population aging..
