The number of employed people in the country is expected to decrease starting in 2029.

The Korea Employment Information Service released the results of its 2023-2033 labor market forecast Monday.

According to the report, the number of employed people aged 15 and over is projected to reach 28-point-728 million in 2033, an increase of 312-thousand from 2023.

However, looking at the trend over the next decade, the number of employed people is expected to start declining in 2029.

In 2029, the forecast suggests the figure will fall by 14-thousand from the previous year and that between 2028 and 2033, it will decline by 85-thousand.

The Korea Employment Information Service attributed the findings to a decline in the labor supply as the population decreases.

To sustain economic growth, it estimated that an additional 820-thousand workers will be needed by 2033.