South Korea's economically active population is forecast to start its decline in four years' time, 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.

From that point, the number of economically active people is expected to decline by 248-thousand by 2032. This comes as the number of people aged 15 to 64 is predicted to fall by some one-point-05 million, as the number of seniors aged 65 or older rises by 798-thousand.

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

The agency assessed that there will be 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 the long-term economic growth forecast 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.