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The Projected Working-Age Population Shrink in Seoul

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2024.01.30
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[Card News Episode 8] The Projected Working-Age Population Shrink in Seoul
The working-age population​​
Growth or Loss in the Working-Age Population of Seoul
Population graying
An economic slowdown and a drop
Growth in labor productivity and people of working age
offset the plunging working-age population
Short- and long-term efforts

 

[Card News Episode 8] The Projected Working-Age Population Shrink in Seoul : Impacts and Responses

The working-age population, key to economic growth of a given area, is commonly defined as those considered able or likely to work and aged 15 to 65.

Between 2000 and 2020, the average annual growth rate for the total working-age population of South Korea was 0.6%. Seoul is the only region in the country which saw its 15-to-65 population decline. The South Korean capital lost 0.3% of its working-age population during this period.

Population graying as well as collapsing marriage and birth rates are causing this dip in the working age population, which is serving as one of the primary drivers behind slower economic growth.

An economic slowdown and a drop in output will have far-reaching effects on the overall economy. Consequently, sluggish economic growth and a string of welfare and other economic issues are likely.

Growth in labor productivity and people of working age will trigger an increase in real GDP. This will contribute to regional economic development as well.

Careful planning and monitoring are critical if local governments are to offset the plunging working-age population.

Suggestion from the Seoul Institute

Short- and long-term efforts should be undertaken to spur economic growth. Now is the time to come up with measures and strategies aimed at increasing the normal retirement age and the economic participation of women, and boosting labor productivity.

Source: Heeseok Park. 2022. “Effect of a Drop in the Working-age Population on Seoul’s Economy“. Seoul: Seoul Institute.

 

Source: Heeseok Park. 2022. “Effect of a Drop in the Working-age Population on Seoul’s Economy“.