Population projections South Korea 1960-2072, by age group
The total population of South Korea as of 2024 was projected to be around 51.75 million. Additionally, almost three quarters of the population were aged 15 to 64 years old. However, the demographics are expected to change significantly in the coming years. Thirty years from now, the number of people aged 15 to 64 is estimated to drop by a third, while the number of older people is believed to more than double. Meanwhile, the total population is expected to drop by around six million people by this time.
Behind South Korea's demographic changes
There are several factors contributing to South Korea's expected demographic changes. Firstly, the birth rate has been declining for years. As of 2023, South Korea had the lowest fertility rate in the world. This is in spite of efforts by successive governments to reverse this trend and encourage young people to have children. One of the reasons why Koreans are not having children is due to economic concerns. At one point, it was estimated that raising a child would cost an average of two hundred million South Korean won (approximately 165 thousand U.S. dollars) for the parents. Additionally, an increasing number of South Korean women are focusing on their careers, prioritizing work over starting a family at a young age. While the employment rate of South Korean women is still lower than that of men, it has been steadily rising over the past decade.
Secondly, South Koreans' life expectancies have steadily increased due to higher standards of living and improved healthcare. The life expectancy at birth for the average South Korean has increased from less than 75 years to almost 83 years over the past twenty years. Consequently, the share of people over 65 years old in South Korea has increased from less than 11 percent to around 18 percent in the last decade.