Anchor: A state-run agency forecast the country's working age population will begin to decline starting 2028 due largely to Korea’s aging society and low birth rate. The agency also assessed that an additional 894-thousand workers will be necessary to achieve sustainable economic growth.
Choi You Sun reports.

Report: South Korea's economically active population is forecast to start its decline in four years' time, mainly due to the nation’s aging society and low birth rate.

According to a ten-year outlook on workforce supply and demand through 2032 put forth by the labor ministry's Korea Employment Information Service on Tuesday, the economically active population above the age of 15 is projected to peak at 29-point-49 million in 2027.

The figure is then expected to tumble by 248-thousand by 2032. The number of people aged 15 to 64 in particular is predicted to fall by almost one-point-05 million, as that of seniors aged 65 or older rises by 798-thousand.

Amid the drop in labor supply, the state agency forecast the number of employed people to fall by 391-thousand through 2032, after peaking at around 28-point-79 million in 2027.

By industry, jobs are expected to rise in health care and welfare services in line with the aging society, compared to a decline in wholesale and retail, as well as manufacturing, reflecting the expansion of online transactions.

The agency assessed that there will be a demand for 894-thousand additional workers, or around three percent of a forecast for the number of employed people between 2022 and 2032, in order to achieve long-term economic growth of one-point-nine to two-point-one percent.

In response to the expected reduction in the working age population, the agency suggested encouraging the nation's potential workforce, such as young people, women and seniors, to enter the labor market.

The agency emphasized the need for the government to provide employment opportunities for young people, and to establish a working environment where women can achieve a balance between work and child care.
Choi You Sun, KBS World Radio News.