South Korean government predicts population crash

South Korean government predicts population crash

A winter lantern event is held at Gwanghwamun Square in Seoul, South Korea.On December 14, Statistics Korea released a report on "Outlook of Population Situation from 2022 to 2072," predicting that South Korea's population will decline from 51.67 million to 36.22 million in the next 50 years, with a net population decrease of 29 percent, and that the population aging level will rise from 17.4 percent to 47.7 percent, when the country enters a super-ageing society. The Bank of Korea has warned that the low fertility rate will cause the country's economy to fall into negative growth by 2050, and that the main reasons for the low fertility rate include fierce competition, difficulty in finding employment, high housing costs and concerns about child safety.