Signal Both male and female labour forces in Korea turn down after 2028

Summary

The report projects that Korea's male and female labour forces will both stop growing and begin to decline from around 2028. The male labour force, which had grown about 1.1 percent a year since 2000 apart from a 0.5 percent dip during the 2020 pandemic, stood at 16.386 million in 2023 and is projected at 16.512 million in 2033. The female labour force expanded faster, at about 1.5 percent a year since 2000, driven by higher educational attainment, later marriage and choices not to have children. After recovering from the pandemic shock to 12.817 million in 2023, it is projected to peak and then decline to 12.939 million by 2033. The report therefore sees the long upward run in women's labour supply flattening as population decline overtakes rising participation.