Signal Korea's population aged 15 to 64 falls about 1.1 percent a year through 2033

Summary

KEIS projects that the population aged 15 to 64 will fall from 35.956 million in 2023 to 34.186 million in 2028 and 32.349 million in 2033. Over the outlook this amounts to an average contraction of about 1.1 percent a year. The projection extends a turn that began years earlier, since growth in this age band peaked at 1.1 percent in 2011 and slipped into decline in 2018. The report's summary links the continuing fall to worsening low fertility and population ageing. The loss of more than 3.6 million people in this band over a decade is the main reason the report speaks of a labour supply squeeze despite a still rising adult population.