Vietnamese
Population aging affects Korea's economic growth
Updated:
16 Aug, 2019
lúc
August 16, 2019
According to Hyundai Research Institute, the growth of the 4th largest economy in Asia continued to decline to 2.5% in the period 2016-2020 and this figure may continue to decrease to 1%.
Korean people. Photo: VNA
According to a report released August 11 by Hyundai Research Institute, Korea 's economic growth potential has dropped to 2.5% and may continue to decline, due to rapid population aging. is starting to affect the workforce in this country.
The report of Hyundai Research Institute said that Korea 's growth potential has continuously decreased from 7.3% in the early 1990s, to 5.6% in the late 1990s and 3.2% in the 2011 period. -2015.
The report also said that the growth potential of the 4th largest economy in Asia continued to decline to 2.5% in the period 2016-2020 and this figure may continue to decrease to 1%.
The report of Hyundai Research Institute comes in the context of South Korea 's economic growth is slowing significantly. This fourth-largest economy in Asia has unexpectedly dropped 0.4% in the first quarter.
Earlier, the Central Bank of Korea (BoK) forecast that the country's economy will grow 2.2% this year, down from the 2.7% increase of 2018.
Korean people. Photo: VNA
According to a report released August 11 by Hyundai Research Institute, Korea 's economic growth potential has dropped to 2.5% and may continue to decline, due to rapid population aging. is starting to affect the workforce in this country.
The report of Hyundai Research Institute said that Korea 's growth potential has continuously decreased from 7.3% in the early 1990s, to 5.6% in the late 1990s and 3.2% in the 2011 period. -2015.
The report also said that the growth potential of the 4th largest economy in Asia continued to decline to 2.5% in the period 2016-2020 and this figure may continue to decrease to 1%.
The report of Hyundai Research Institute comes in the context of South Korea 's economic growth is slowing significantly. This fourth-largest economy in Asia has unexpectedly dropped 0.4% in the first quarter.
Earlier, the Central Bank of Korea (BoK) forecast that the country's economy will grow 2.2% this year, down from the 2.7% increase of 2018.
The report shows that a decline in the labor force is one of the main reasons for weaker growth potential, with declining investment activity and a lack of new growth momentum.
South Korea 's workforce , people aged 15-64, is expected to begin to decline this year. One of the problems that Korea is facing is the consequence of a record low birth rate for many years.
Korea is one of the fastest aging societies in the world. The country is expected to become a 'super-old' society by 2025 when the proportion of elderly people (over 65) accounts for 20% of the total population, compared with 14% in 2017.
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