The number of economically-active people supporting one elderly person will drop below two in Korea by 2036. Korea is expected to become an aging country the most quickly in the world.
According to the Organization for Economic Cooperation and Development (OECD) on July 21, the population supporting one older person will drop below two to 1.96 by 2036, from 5.26 this year.
As the population supporting one elderly person declines, a productive population will have to bear more burdens to support old people.
The productive population supporting one aged person in Korea has been consistently decreasing from 15.79 in 1950 to 9.83 in 1997, the first time the decline dropped below ten. This will become 4.94 in 2016.
This number will drop even more sharply to break four (3.81) by 2022, three (2.89) b7 2027, and finally two (1.96) by 2036.
This year’s figure in Korea of 5.26 is higher than the average of 34 OECD member countries (3.74), but 1.96 in 2036 will be lower than the OECD average (2.38).
The only countries with higher productive population supporting one elderly are Mexico (8.49) and Chile (5.29). Japan records the lowest of 2.19 among all OECD member countries. Germany’s figure is 2.85, Sweden’s 2.93, and Finland’s 2.94.
However, in 2036, the figure of Korea will drop to 1.96, and only four countries, Japan (1.56), Germany (1.64), Italy (1.74), and the Netherlands (1.93) will maintain lower numbers. The productive population supporting one old person in Korea ranks the third this year, but will rank 30 in 2036.
Korea's numbers will decline to 3.30 in 22 years, from 5.26 this year to 1.96 in 2036. This is the greatest shrink next to Mexico (4.22) and Turkey (3.73). During the same period, the OECD average will dropp 1.36, from 3.74 to 2.38.