S. Korea's population decline outpaces OECD members: report

SEOUL, July 10 (Yonhap) -- South Korea's population will decline at a relatively
faster pace than other advanced nations in the coming decades as a low birth rate
and an aging population will likely affect future demographics, a report showed
Friday.

According to the report by the National Statistical Office, South Korea's
population is projected to total 42.3 million in 2050, down 13.1 percent compared
with 48.7 million recorded for this year.
The envisioned decline marked the fourth steepest among the 30 member countries
of the Organization for Economic Cooperation and Development, the report said.
Japan topped the list with a projected decline of 20.1 percent, followed by
Poland and Germany with 15.9 percent and 14.2 percent reductions.
The decline will bring South Korea's ranking in terms of population size to 42nd
in the world from 26th this year, the report showed.
The global population is expected to reach 9.14 billion in 2050 from the current
6.83 billion, the report forecast. India will likely outpace China to become the
world's most populous nation, with its population rising to 1.61 billion in 2050
from 1.12 billion this year.
South Korea will also likely see its population aging faster than other nations,
the report showed. By the year 2050, the number of those aged 65 or older will
account for 38.2 percent of the total population, more than tripling from the
current 11 percent.
South Korea is quickly becoming an aged society, defined as one in which more
than 14 percent of the population is 65 or older. The nation became an aging
society in 2000, when the ratio exceeded 7 percent.
An aging population is one of the nation's key concerns as it will dent economic
growth by reducing the number of eligible workers and increasing overall medical
and welfare spending for senior citizens.
kokobj@yna.co.kr
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