Economic policy announcements or major economic reports from South Korea

South Korea Becomes 'Super-Aged' Society with 20% Over 65, Driven by Low Birth Rate

Dec 24, 2024, 08:08 AM

South Korea has officially entered the category of 'super-aged' societies, with 20% of its population now aged 65 or older, according to data released by the country's Interior Ministry. This demographic shift marks a significant milestone, as the proportion of elderly citizens has doubled since 2008, when it stood at 10%. The total number of people aged 65 and above reached 10.24 million out of a population of 51.22 million. Women make up a larger portion of this group, with 5.69 million compared to 4.54 million men. The rapid transition to a super-aged society is attributed to South Korea's low birth rate, which was recorded at 0.72 last year, one of the lowest in the world. The government has been investing heavily in measures to encourage births, but these efforts have not yet yielded the desired results. The aging population poses challenges for the country's economy and social welfare systems, prompting calls for urgent and systematic response measures from the government, including the establishment of a population-focused ministry.