Low birth rate could destroy the economy in 80 years
According to a study published by Lancet, the country’s population could decline to a record low, from the current 53 million to 26.78 million by 2100. This would drop the "Asian tiger" to 20th place in terms of world economies.
Seoul (AsiaNews) – If current trends are not reversed, the South Korean population will be halved in 80 years. At the same time, the "Asian tiger" will see its GDP drop to 20th place, this according to a stud by the prestigious medical journal Lancet.
The birth rate is hot issue in the Asian country, beset by wage discrimination against women and an unfettered capitalism that leads young couples not to have children in order not to have career problems.
At present, the total population is around 53 million. It should peak in 2031 at 54.29 million, before plunging to 26.78 million by 2100. At the same time, the economy is likely to take huge steps backwards.
According to Lancet, fewer people “might reduce innovation in economies and fewer workers in general might reduce domestic markets for consumer goods, because many retirees are less likely to purchase consumer durables than middle-aged and young adults.”
Experts estimate that high-income countries with low fertility rates will be forced to adopt more liberal immigration policies and prepare their societies to assimilate newcomers. Otherwise, they can expect economic, fiscal and geopolitical collapse.