SEOUL: South Korea's population is projected to drop by almost 30 per cent in about 50 years with the country registering one of the lowest fertility rates in the world.
Its national statistics agency, Statistics Korea, said that based on current fertility rates, the country's population would shrink to 38 million in 2070, down from roughly 52 million this year.
According to a Korea Times report, this is in stark contrast to the world population that is projected to increase to 10.3 billion from 7.97 billion for the same period.
The United Nations global population projection is based on its "World Population Prospects: The 2022 Revision" publication.
Statistics Korea also said both South and North Korea will have declining populations, and that its northern neighbour's population will peak next year, before starting its downward trend.
The Korea Times report said the South Korean population had already been on a downward trajectory since 2021, when it came down to roughly 52 million. The drop is the first since after the government started to compile relevant data in 1949.
Collectively, the total population of the two Korean nations will drop to 61 million in 2070 from 78 million in 2022.
Their population will account for 0.6 per cent of the world population in 2070, down from the current one per cent.
It has been previously reported that South Korea's population decline was largely due to its low fertility rate of 0.81 births per woman. This is in stark contrast to the global average of 2.32 as of 2021.
The figure for South Korea is the world's second-lowest after Hong Kong's 0.75.
Between 1970 and 2021, the average fertility rate for the world declined 51.9 per cent, while South Korea saw an 82.2 per cent decline.
Due to the low birth rate, South Korea's population is now ageing rapidly and it is projected to become the world's most aged country by 2070, said Statistics Korea in a report released on Monday.
The agency said the number of people aged 65 or older will likely reach 17.5 per cent of the total population this year and rise to 46.4 per cent in 2070.
The global average of those aged 65 or older is projected to rise from 9.8 per cent to 20.1 per cent for the same period.
By region, the age group will increase from 9.6 per cent to 24.4 per cent in Asia, 19.6 per cent to 30.8 per cent in Europe and 3.5 per cent to 8.3 per cent in Africa.
On productivity, the agency said the proportion of the working-age population, or people aged 15 to 64, peaked at 73.4 per cent in 2012 in South Korea.
It is expected to decline to 71 per cent this year and progressively drop to 46.1 per cent in 2070.