Trend Population ageing reshaping Korean labour demand toward health and care

Summary

KEIS argues that population change affects not only labour supply but also the demand for goods and services, and hence the industry structure of labour demand. Ageing is expected to raise employment across the health industry, from pharmaceutical manufacturing to health and medical services. Within that shift, health professionals and care service occupations are projected to be the main drivers of new labour demand. At the same time, the absolute fall in the school-age population is expected to weaken employment in education services and related occupations. The trend explains why the largest single sources of job growth and some of the clearest declines in the outlook both stem from demographics.