Population Aging in Korea: Importance of Elderly Workers
Korea’s population is aging at a faster pace than any other major country, and the adverse impact of this trend on the economy is predicted to be significant. This paper focuses on the macroeconomic effects of population aging with particular attention paid to the pace of aging in Korea. According t...
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| Format: | Article |
| Language: | English |
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Korea Development Institute
2023-05-01
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| Series: | KDI Journal of Economic Policy |
| Subjects: | |
| Online Access: | https://kdijep.org/v.45/2/51/Population+Aging+in+Korea+Importance+of+Elderly+Workers%E2%80%A0 |
| _version_ | 1797770715915616256 |
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| author | JAEJOON LEE |
| author_facet | JAEJOON LEE |
| author_sort | JAEJOON LEE |
| collection | DOAJ |
| description | Korea’s population is aging at a faster pace than any other major country, and the adverse impact of this trend on the economy is predicted to be significant. This paper focuses on the macroeconomic effects of population aging with particular attention paid to the pace of aging in Korea. According to our analysis, it is difficult to offset the decline in the labor supply driven by rapid population aging, even if the labor force participation rate of the working-age population rises to a significantly high level. We suggest a re-orientation of policy directions to correspond to the behavioral changes of economic agents. Policies must focus on promoting labor force participation among the elderly while pushing towards human capital advancement and higher productivity. |
| first_indexed | 2024-03-12T21:27:12Z |
| format | Article |
| id | doaj.art-ffbfe30127674e6886a444fc6043ff6e |
| institution | Directory Open Access Journal |
| issn | 2586-2995 2586-4130 |
| language | English |
| last_indexed | 2024-03-12T21:27:12Z |
| publishDate | 2023-05-01 |
| publisher | Korea Development Institute |
| record_format | Article |
| series | KDI Journal of Economic Policy |
| spelling | doaj.art-ffbfe30127674e6886a444fc6043ff6e2023-07-28T07:13:59ZengKorea Development InstituteKDI Journal of Economic Policy2586-29952586-41302023-05-014525169https://doi.org/10.23895/kdijep.2023.45.2.51Population Aging in Korea: Importance of Elderly WorkersJAEJOON LEE0Senior Fellow, Korea Development InstituteKorea’s population is aging at a faster pace than any other major country, and the adverse impact of this trend on the economy is predicted to be significant. This paper focuses on the macroeconomic effects of population aging with particular attention paid to the pace of aging in Korea. According to our analysis, it is difficult to offset the decline in the labor supply driven by rapid population aging, even if the labor force participation rate of the working-age population rises to a significantly high level. We suggest a re-orientation of policy directions to correspond to the behavioral changes of economic agents. Policies must focus on promoting labor force participation among the elderly while pushing towards human capital advancement and higher productivity.https://kdijep.org/v.45/2/51/Population+Aging+in+Korea+Importance+of+Elderly+Workers%E2%80%A0korean economypopulation agingeconomic growth |
| spellingShingle | JAEJOON LEE Population Aging in Korea: Importance of Elderly Workers KDI Journal of Economic Policy korean economy population aging economic growth |
| title | Population Aging in Korea: Importance of Elderly Workers |
| title_full | Population Aging in Korea: Importance of Elderly Workers |
| title_fullStr | Population Aging in Korea: Importance of Elderly Workers |
| title_full_unstemmed | Population Aging in Korea: Importance of Elderly Workers |
| title_short | Population Aging in Korea: Importance of Elderly Workers |
| title_sort | population aging in korea importance of elderly workers |
| topic | korean economy population aging economic growth |
| url | https://kdijep.org/v.45/2/51/Population+Aging+in+Korea+Importance+of+Elderly+Workers%E2%80%A0 |
| work_keys_str_mv | AT jaejoonlee populationaginginkoreaimportanceofelderlyworkers |