Signal Korea's total population has been falling since 2021 with world-low fertility

Summary

The report's chapter on social change and labour supply starts from the observation that Korea's total population began to decline in 2021. It adds that the total fertility rate has stayed at one of the lowest levels in the world. Falling births combined with rising deaths are reshaping the population structure, shrinking labour supply and deepening ageing. KEIS warns that these shifts can translate into slower economic growth, lower productivity and heavier social security burdens. It argues that fertility policy is needed for the long run, while broader participation by women, young people and older people is needed to close the gap in the short run.