South Korea faces dramatic population crash, could have just 7.5 million people by 2125
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Aging Population to Outnumber Working-Age Adults
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South Korea's population may shrink to only 15% of where it stands today by 2125 if the current trend of demographic decline continues, found a private research institute in Seoul, as per a report.The Korean Peninsula Population Institute for Future estimated that under its worst-case scenario, the nation's population would decline from 51.68 million today to only 7.53 million by 2125, which is less than the number of people currently living just in the city of Seoul, as per The Korea Herald report. Even in the most optimistic scenario, the population would decline to less than a third of its present size, at just over 15 million, according to the report. While the median projection for the 2125 population is 11.15 million people, as per the report.The research also found that the rapidly increasing pace of population fall in the median scenario would see the population drop 30% by 2075 and then by more than half over the following 50 years, according to The Korea Herald.ALSO READ: Vinod Khosla's dire warning: AI could wipe out 80% of jobs and crush Fortune 500 giants by 2030 The institute used a cohort component method to find the latest long-term forecast of Korea's demographic trends over the next century, as per the report. The method is an internationally recognised technique that estimates future populations by incorporating factors like birth rates, mortality rates and immigration patterns, reported The Korea Herald.According to the report, the drop in population is because of falling birth rates and also due to a compounding effect; with fewer people in each successive generation, the pool of potential parents shrinks, further accelerating the decrease.The research found that even the ageing crisis is expected to deepen, and in 75 years, the worst forecast is that for every 100 people of working age, defined as 15 to 64 years old, there will be 140 seniors aged 65 or older, as reported by The Korea Herald.At present, 100 working-age individuals support about 30 senior citizens, which indicates that South Korea is on track to become an 'inverted pyramid' society, where the number of dependents will outnumber those who provide support, according to the report.ALSO READ: Diddy and the Mann Act: What the law says and why he's not guilty of trafficking The research also mentioned details of a social sentiment analysis based on some 60,000 posts from the workplace community app Blind, which focused on the thoughts of people in their 20s to 40s about marriage and childbirth, as per the report.The findings of Blind show that younger generations now prioritise 'money' and 'housing' over 'love' when discussing marriage, reported The Korea Herald. Financial burdens were a key concern in the conversations regarding childbirth, as per the report.The study concluded that decisions on marriage and parenting are increasingly influenced by economic conditions, rather than personal preference, according to The Korea Herald.ALSO READ: Diddy verdict in — you won't believe his net worth or how he's paying those massive legal bills Because fewer people are having children, and each smaller generation means even fewer parents in the next.Anywhere between 7.5 million (worst-case) and 15.7 million (best-case), down from 51.7 million today, as per the Korea Herald report.
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