By Choi Sung-jin
The world's economically active population, people aged 15 to 64, is estimated to increase 26 percent by 2050, but that of Korea will likely fall by the same rate, according to a recent U.N. report.
Working-age people in industrial countries will begin to decline next year, reaching 95 percent of the current level in 2050. Japan will see the steepest drop of 28 percent, followed by Korea at 26 percent, Germany at 23 percent and Italy at 23 percent.
That of the United States, on the other hand, is expected to increase 10 percent thanks to a rise in birthrate and an open immigration policy, it said.
The fall in the economically active population explains in part why Koreans think their national economy, too, is rapidly aging. According to a survey by Research & Research, the age of the Korean economy as perceived by its people is 50.8 years, more than 10 years older than Koreans' actual average age of 40.3 years.
Asked to decide the Korean economy's age on the scale of a human lifespan, 33.8 percent said the national economy is in its 40s, followed by 30.0 percent who saw the economy as 50-something. only 14.2 percent said it is in its 30s while 21.2 percent replied it is 60 years or older.
The polling firm surveyed 800 people aged 19 or older, consigned by the Federation of Korean Industries (KFI), a lobby group for family-controlled conglomerates.
Nearly nine-tenths of respondents expressed concern about the economy's low growth rate of 2-3 percent since 2011, and 37.1 percent cited unemployment, especially among youths, as the worst consequence of the sluggish growth.
"Short-term stimulus measures, such as cuts to interest rate and increases of government spending, cannot enhance growth potential," said Hong Seong-il, chief of the KFI's fiscal and financial research team. "Korea Inc. has to speed up investment and enhance its economic resilience by creating new industries and markets."