KOREA: NSO Forecasts 40% of Koreans Over 65 by 2050

. SEOUL, Korea / The Chosun Ilbo / July 13, 2009 Korea's population is expected to shrink starting in 2018 and by 2050 the figure is set to drop by more than 6.4 million. Meanwhile this year's global population stands at more than 6.8 billion, according to the latest findings by the National Statistical Office. China is still the world's most populous country followed by India, the U.S. and Indonesia. Korea ranks 26th with a population of around 49 million people. However the statistics agency's forecast says in 2050 Korea's population is expected to go down by over 42 million with the global ranking being pushed down to 46th. This drop stems from Korea's low birthrate. The world's average birthrate between the years 2005 and 2010 is expected to stand at 2.5 children, but for Korea it is just a little over one child. The Korean population is aging fast, given the low birthrate on top of advanced medical technology prolonging life expectancy. While the population of 65 or older across the globe is to jump from 7.6 percent in 2010 to more than 16 percent 40 years later, the elderly population in Korea is expected to account for close to 40 percent. Experts say a fast-aging society translates into a reduction in the working population which naturally leads to weak economic growth. They advise the government and businesses to enhance measures to encourage women to give birth and provide the elderly with job opportunities. [rc] Source: Arirang News Copyright © 2009 Chosun.com