The World Economic Forum (WEF) and Watson Wired Worldwide, a consulting body, said Tuesday that South Korea needs to map out a blueprint for its aging generation, as the nation rapidly evolves into an aging society similar to that of advanced countries.

In a report on the World Pension System, released just before the opening of the Davos Forum, the two organizations said the average age of the entire Korean population was 33 in 2000, and is expected to increase to 43 by the year 2030.

The report also states that the workforce in Korea is likely to fall significantly by the year 2020 due to a combination of low fertility rates, longer life spans and a growing non-working population.