Korea’s Growth Could Flatline Due to Aging Population
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Korea’s Growth Could Flatline Due to Aging Population

Korea’s economic growth could flatline completely if the country fails to take adequate steps to deal with its aging population, according to a study the Bank of Korea released Thursday.

The study warns that Korea could then see its economy shrink within the next 30 years if the low birthrate continues.

The BOK said if the rate of economic participation by age group remains unchanged and labor productivity declines, average annual growth will fall to half the present level within 10 years.

Korea’s GDP growth averaged 3.9 percent from 2000 to 2015 but could drop to 1.9 percent from 2016 to 2025, 0.4 percent from 2026 to 2035, and zero percent from 2036 to 2045 before it starts shrinking.

Source:english.chosun.com/si…