South Korea is on the brink of a disaster if it doesn't take urgent steps; here's how it can navigate the massive problem
South Korea has officially become a ‘super-aged society’ with 20% of its population aged 65 or older in accordance to a data released by the Ministry of the Interior and Safety, reported Newsweek.
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According to Newsweek, this certain milestone which equates to approximately 10.24 million individuals eventually highlights the demographic challenges of South Korea which includes the world's lowest birth rate at just 0.72 births per woman.
The increase in the elderly population has raised severe concerns among policymakers about long term economic impacts. South Jeolla Province has the highest percentage of elderly residents at 27% while Sejong on the other hand is the youngest region with only 11.57% of its population in this age group, asserted Newsweek.
The South Korean government has invested around $200 billion since the year 2006 in initiatives to encourage higher birth rates, but these efforts have largely failed due to factors like rising housing costs and changing social attitudes.
In response to this demographic crisis, President Yoon Suk-yeol has proposed establishing a new Ministry of Population to develop strategies addressing low birth rates and an aging society, noted Newsweek.
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