Finance Minister Hong Nam-ki said the population projection released by the government today was largely affected by short-term factors such as the COVID-19 pandemic.

According to Statistics Korea, the country's total population, including foreign residents, is projected to decline for the first time this year and drop to 37 million in 2070.

Minister Hong attributed the faster-than-expected decline to reduced international movement and the delay of weddings and child birth due to the pandemic, which has shaken the country for the past two years.

He added that there's a high chance of improvement in the population flow once Korea returns to pre-pandemic normality, citing a report that showed the population increasing to 53 million in 2038 should there be a quick recovery. 

Hong pledged to launch new projects to counter the chronic low birthrate, which include financial aid worth over nine-point-five trillion won and the institutionalization of related policies.