Arab Today, arab today south korea\s growth potential to keep falling on aging population
Last Updated : GMT 12:50:40
Arab Today, arab today
Arab Today, arab today

South Korea\'s growth potential to keep falling on aging population

Arab Today, arab today

Arab Today, arab today South Korea\'s growth potential to keep falling on aging population

Seoul - XINHUA

South Korea\'s economic growth potential will continue to fall going forward due to an aging population and low birth rate, the finance ministry said Wednesday. According to a report by the Ministry of Strategy and Finance, South Korea\'s potential growth rate was forecast to keep falling from an annual average of 3.8 percent in the period of between 2011 and 2020 to 2.9 percent for the 2021-2030 period, before dropping to 1.9 percent during the 10-year period through 2040. The figure was lower than estimation by private think tanks, including Samsung Economic Research Institute (SERI) that predicted an annual average rate of 2.2 percent for the growth potential during the 2031-2040 period. LG Economic Research Institution (LGERI) projected the growth potential to fall to 2.5 percent over the same period. The expected low growth potential was attributed to demographic changes such as aging population and falling childbirth. The country\'s total fertility rate, gauging the total number of children born by a woman of childbearing age, stood at 1.22 in 2010, sharply down from 4.71 tallied in 1970. Seoul was predicted to become a super-aged society in 2026 after making an aged society in 2017. It already became an aging society in 2000. Societies whose proportion of the population aged 65 and over surpasses 7 percent, 14 percent and 20 percent are called aging, aged and super-aged society each. Falling childbirth and aging population tended to entail a rising share of the elderly. Those factors would pull down potential economic growth as it reduces the number of productive population, while pushing up costs for senior care. The statistical agency estimated that productive population in Seoul would start to reduce from 2017, before the Asia\'s No. 4 economy faces chronic labor shortage starting from 2021. The country\'s productive population aged 15-64 was forecast to reduce from 36.56 million in 2012 to 21.87 million in 2060. The old age dependency ratio, or the ratio of those aged over 65 to productive population aged 15-64, was estimated at 57.2 in 2040 from 15.2 in 2010, adding burdens on younger workers who participate in economic activities. `

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korea\s growth potential to keep falling on aging population Arab Today, arab today south korea\s growth potential to keep falling on aging population

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday