South Korea may officially enter a super-aging society in 2025.

(Reuters)

[Financial Channel/Comprehensive Report] The problem of declining birthrate and aging population is increasing year by year. The lack of sufficient labor force may shake the future economy of developed countries. The Governor of the Bank of Korea (BOK) Lee Changyong called for structural reforms to maintain a certain level total population.

Affected by the declining birth rate, South Korea may officially enter a super-aging society in 2025. At the same time, other Asian countries such as Japan, China, and Thailand are also facing serious population aging problems.

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Taking Japan as a warning, Lee Changyong believes that South Korea should avoid following Japan's example in solving aging economic problems through fiscal and loose monetary policies. Instead of relying solely on increasing the fertility rate, South Korea should adopt structural reforms, including increasing female labor force participation rates, improving The education system, or make good use of foreign workers to supplement the labor force.

According to the United Nations World Population Prospects report, South Korea's population will drop from 51.82 million today to 24.1 million in 2100, a reduction of more than half.

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