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Population Aging in Korea: Importance of Elderly Workers

Jaejoon, Lee

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Abstract

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.

Issue Date
2023-05-31
Publisher
Korea Development Institute
DOI
https://doi.org/10.23895/kdijep.2023.45.2.51
Journal Title
KDI Journal of Economic Policy
Start Page
51
End Page
69
Language
eng
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