Signal Korean employment rises only 312,000 by 2033 and begins falling after 2028

Summary

KEIS projects that total employment in Korea will grow from 28.416 million in 2023 to 28.728 million in 2033, an increase of about 312,000 or 0.1 percent a year. The gain is concentrated in the first half, when employment is expected to rise by about 397,000 at 0.3 percent a year through 2028. In the second half, as the economically active population contracts, the number of employed people is projected to shrink by about 85,000. The report ties the turning point after 2028 to labour supply constraints from low fertility and ageing becoming fully effective. It also expects the digital economy, automation, e-commerce and smart work, alongside carbon-neutral policy, to shape how demand is distributed across industries and occupations.