On the 4th, at the entrance ceremony held at Seoul Robot High School in Gangnam-gu, Seoul, new students were smiling brightly. (Yonhap News)
The Organization for Economic Cooperation and Development (OECD) has issued a warning that “Korea’s population will be halved in 60 years.”
In the book titled “Korea’s Unborn Future: Understanding the Trend of Low Fertility,” released by the OECD on the 5th (local time), it is predicted that if Korea’s current fertility rate is maintained, the population will be halved over the next 60 years, and by 2082, about 58% of the total population will be aged 65 or older.
The OECD noted that, as of 2023, Korea’s total fertility rate (the number of children a woman is expected to have in her lifetime) was 0.72, the lowest in the world. The reasons cited include high spending on private education and rising housing costs. The report indicates that Korea has failed to adequately address fundamental issues like the dual structure of the labor market and the hierarchy in universities, leading to high private education expenses. Furthermore, housing costs doubled between 2013 and 2019, reducing the chances of getting married by 4-5.7%. The culture of long working hours and lack of flexibility in working hours and locations, making it difficult to balance work and family, were also highlighted as causes for the declining birth rate.
The OECD recommends that in Korea, despite increased public spending on family policies, the birth rate continues to decline. It suggests that public support should be directed towards improving the quality and accessibility of childcare, enhancing parental leave systems, and reforming the labor market rather than providing direct financial support. It also recommends expanding female employment, extending the retirement age, and accepting foreign labor to supplement the workforce shortage.