Fastest population aging

Korea can ill afford to sit and watch demographic disaster

South Korea is topping the world in one statistical category ― the speed of population aging. on the other hand, the nation has been ranked last for several years in another ― the birthrate. The contrasting rankings in demographic statistics indicate that the younger generations' burden for the care of the elderly will likely increase beyond imagination. Most Koreans appear to be indifferent to the frequent releases of the related figures. However, these pose very grave risks to society and should never be neglected.

According to Statistics Korea's future population estimates of 201 countries, including South Korea, the proportion of people here aged 65 or over could rise from 14.9 percent this year to 37 percent in 2045 and 46.5 percent in 2067. The speed of population aging is by far the fastest in the world.

In contrast, the country's working-age population ― those aged between 15 and 64 ― is likely to decline continuously from 72.7 percent to 45.4 percent of the total. The total dependency ratio ― the number of under-15 and over-65 people to be supported by the working-age population ― will also soar from 37.6 to 120.2 in the cited period.

These dismal figures are due to a reluctance to have babies. South Korea's total birthrate ― the number of children a woman bears in her lifetime ― hit a record low of 0.98 last year, way below half of the global annual average of 2.47 for 2015 to 2020.

The nation's life expectancy was 82.5 years, measured in the 2015-2018 period, far higher than the global average of 72.3. Given the life expectancy reflects a nation's income level and degree of development, South Korea is a country good to live in. Why are South Koreans reluctant to have babies, then? The government should reflect on its population policy in this regard.

Successive administrations have poured about 126 trillion won ($103 billion) into lifting the birthrate over the past 11 years to little avail. Government officials are not even announcing new measures anymore. Bureaucrats must not give up but come up with revolutionary ideas and carry them out until they succeed.