Korea Aging Fastest amid Sharpest Fall of Birth Rate among OECD Countries

South Korea's population is aging at the fastest pace among the OECD countries.

According to an analysis of the Korea Institute for Industrial Economics and Trade (KIET), Koreans aged 65 or older accounted for 12.2 percent of the total population of about 50 million, which is the 30th-highest ratio among the 34 members of the Organization for Economic Cooperation and Development (OECD).

In terms of the pace of aging, however, South Korea ranked first with the elderly population growing four times up until 2013 using 1970 as the base year, which is more than double the OECD average of 1.6 times. Japan was number 2 with 3.6 times, followed by Finland with 2.1 times.

The proportion of children aged 0-14 years was 14.7 percent, which is below the OECD average of 17.4 percent.

The proportion of economically productive people aged 15-64 years was 73.1 percent, surpassing the OECD average of 66.6 percent.

South Korea's birth rate also has fallen at the fastest pace among the OECD countries.

“The decreasing number of economically productive people and the retirement of baby boomers could add uncertainties to the nation's future,” the KIET said.