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Population aging and economic growth : Impact and policy implications
- Population aging and economic growth
- Korea Development Institute
- Korea Development Institute
| Title |
Population aging and economic growth
Similar Titles
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|---|---|
| Sub Title | Impact and policy implications |
| Material Type | Video |
| Author(English) |
Korea Development Institute |
| Publisher |
[Sejong] : Korea Development Institute |
| Date | 2019-06 |
| Subject Country | South Korea(Asia and Pacific) |
| Language | English |
| File Type | Link |
| Subject | Economy < Macroeconomics Social Development < Population |
| Holding | Korea Development Institute |
| License |  |
Abstract
In an aging society there are 7 seniors out of every one hundred people, while an aged society has 14 and a super-aged society has 20. Korea is expected to enter a super-aged society in 2026. In fact, at the current pace of aging, Korea is on track to become a super-aged society 10 years faster than Japan. In terms of the working-age population, Korea’s 65-plus population will grow 1.7 times faster than Japan from 2015 to 2050. And the share of the senior population will equal that of the working population in 2050. So, what are the economic repercussions of a rapidly aging population? KDI conducted an analysis based on the labor force participation rate by age group in 2017, assuming 3 scenarios to estimate the economic growth rate for the coming three decades.
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