Hankook Institute: Population in South Korea may plummet by 85% within a century.

[Hanshin Institute: Population in South Korea May Decrease by 85% Within a Century] The Hanshin Institute, a think tank in South Korea, released a report on Wednesday stating that if the current ultra-low fertility trend continues, the total population of South Korea could decrease sharply to 15% of its current size by 2125, approximately 7.53 million people, a decline of 85%.
The research team set various scenarios for total fertility rates, with the most pessimistic scenario predicting a sharp reduction to 7.53 million people; even under the most optimistic scenario, the population would only reach 15.73 million, less than one-third of the current level.
The report indicates that the rapid decline in South Korean population will further exacerbate the aging crisis. Under the most pessimistic scenario, by 2100, South Korea would have to support 140 elderly over 65 for every 100 working-age population, presenting a “pyramid” structure in society. This would have profound implications for pensions, healthcare, and consumption expenditures. Additionally, the shrinking workforce would weaken the foundation of productivity, leading to pressure on investment and consumption, potentially dragging down overall economic growth. Businesses would face dual challenges of labor shortages and rising costs, while regional development imbalances and industrial hollowing out risks are exacerbated.
To curb the worsening trend of population decline, the institute proposed several key policy directions, including significantly strengthening childcare support policies to alleviate the family’s burden of childbirth and raising; promoting work-life balance mechanisms; delaying retirement ages and expanding the continued employment system; reforming immigration policies to bring in foreign talent to fill the labor gap. (Global Times, July 4th article by Li Zhiyin)