Seouls Population Is Dwindling

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Seoul's Population Is Dwindling
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Seoul's Population Is Dwindling

The population of Seoul is forecast to fall from the present 10 million to less than nine million by 2045.

Statistics Korea on Thursday said the number of citizens in the capital will fall from 9.94 million in 2015 to 8.81 million in 2045.

At present they make up a whopping 19.5 percent of Korea's total population.

The figure has been declining since 2010 as people move to surrounding satellite cities due to rising housing costs and traffic congestion and as state-run corporations and ministries relocated to Sejong City and other parts of the country.

Jobs for Graduates Keep Dwindling
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Jobs for Graduates Keep Dwindling

The job market for young people looks increasingly grim amid promises from President Moon Jae-in to make job creation his priority.

A survey by the Korea Employers Federation suggests there will be just one job for every 35.7 people who graduate from university this year. That means only 28 of every 1,000 applicants will land a job.

The KEF polled 312 companies nationwide and released the responses on Sunday.

In the same survey two years ago, one job was available for every 32.3 applicants.

Korea's Young Population Halved Since 1980
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Korea's Young Population Halved Since 1980

This composite photo shows the contrast in the number of students gathered at the playground of a school in Boeun, North Cheongcheong Province in 1966 (left) and June this year.

Korea's young population between the ages of nine and 24 has almost halved since 1980, auguring serious trouble ahead.

The young population has fallen from 14.4 million in 1980 to just 8.5 million this year. It is expected to dwindle even further to 6.4 million in 2040 and 4.8 million in 2060, according to Statistics Korea. That means the proportion of people under 24 in the total population has dropped from a buoyant 39.1 percent in 1970 to less than one-sixth or 16.4 percent.

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.