S. Korea's population likely to decrease in 2029: Statistics Korea

"2029년 총인구 감소 전망"…인구위기 3년 앞당겨졌다

The South Korean government predicts the country's population will start to shrink from the year 2029.
This is 3 years earlier than its previous forecast.
Our Ko Roonhee explains.
When will South Korea's population start to fall?
That's been the big question since at least the 1980s when data started showing a low birthrate.
On Thursday, Statistics Korea released a population projection for the fifty years between 2017 and 2067... that says it'll likely start in 2029.
In 2028, the population is set to peak at around 51-point-9 million... and start to decrease the year after.
These projections were based on an analysis of data including births, deaths and international migration.
And they assume a scenario of moderate growth -- meaning that total fertility, life expectancy and international migration were all in a medium range.
The decline starting in 2029... is 3 years sooner than projected in the last report in 2016,... and this is mainly due to fewer women having babies.
An expert in the field pointed to various reasons why young people aren't starting families.
"To survive in a highly competitive society, many young Koreans get private education or go to the so called 'good' universities. But even if you do that, there's still the problem of unemployment. Also, there are many couples who both work... but whose jobs don't provide enough support like parental leave."
The report also pointed out Korea's rapidly aging society.
The population of seniors 65 or older... is projected to rise from last year's 7-point-4 million... to around 18-point-3 million.
To turn around this demographic slide, the government announced the same day that it will create a task force next month.. and come up with a policy response.
Ko Roon-hee, Arirang News.