Statistics Korea has projected that foreigners will account for four-and-a-half percent of the nation’s population in 2040.

According to a report released by the statistics agency on Thursday, in the year 2040, nearly two-point-three million foreigners are expected to live in South Korea, accounting for four-and-a-half percent of a population of nearly 50-point-nine million. 

The report forecast that the nation’s population, excluding foreigners, will slip from some 50 million this year to roughly 48-point-six million in 2040.  

However, the report said among South Korean nationals, the number of foreigners who became naturalized Korean citizens will rise from 210-thousand to 540-thousand and the number of second generation Koreans will jump from 280-thousand to 700-thousand.