Korea’s Aging Society Means That There Will be More Woman Than Men in Korea
kpopluv, Nov. 24, 2014, 9:39 a.m.
Women will outnumber men in Korea from next year, not because of the fading traditional preference for boys but because women outlive men. The aging society is leading to massive demographical change. According to Statistics Korea on Sunday, there will be 25.31 million women in the country in 2015, overtaking the estimated 25.3 million men.
The change is expected to have a profound impact on the economy. A country with a growing population can achieve economic growth thanks to a larger working age population and burgeoning consumer market. But an aging population means a decrease in the working-age population and increase in dependent population, which tends to stall economic growth.
The working-age population between 15 and 64 will peak in 2016 at 37.04 million and then strat to dwindle. The most economically active population, between the ages of 25 and 49, is already in decline, dropping below 20 million for the first time last year with 19.78 million.
The number of employed people will also drop. According to the National Assembly Budget Office, 25.55 million people are in employment this year, and this will peak in 2026 with 28.65 million before dropping.
Korea will turn into an aged society by 2017, where those over 65 account for 14 percent of the total population. As recently as 2000 they made up seven percent. The elderly population now stands at 6.39 million and is expected to surpass 7 million by 2017, outnumbering the 6.84 million people under 15.