Korea starts transition to 'demographic onus' from 2017: KCCI

Korea, which faces a demographic crisis due to dwindling birth rate, will enter into a ‘demographic onus’ era from next year, with the number of people available for economic production activities falling, according to a report by the Korea Chamber of Commerce & Industry on Sunday.

The number of people aged between 15 and 64 -- categorized as population available for production activities -- is expected to drop to 37.02 million next year from 37.04 million this year, the nation’s biggest business association said based on data from state-run Statistics Korea.

“The transition to the ‘demographic onus’ era will continue till 2040, having a negative impact on economic growth,’’ a KCCI official said.

The business community also raised concerns over the fast-aging Korean society again.

The KCCI report said the nation will enter an aging society where the elderly aged 65 years or older make up 14 percent or more of the population. If the trend continues, Korea, once a symbol of economic dynamism in the region, will move to a super-aging society where the elderly aged 65 years or older account for more than 20 percent by 2026.

By Seo Jee-yeon (jyseo@heraldcorp.com)