People aged 65 and older made up 16.5 percent of South Korea’s population this year, a report showed, highlighting concerns that the fast-aging demographic transition could pose a drag on the country’s economy.

According to the report by Statistics Korea, the number of people aged 65 and older stood at 8.53 million this year.

The South Korean population is projected to peak in 2028 before going on a downward curve, the report showed.

However, the graying of South Korea will accelerate, with the number of elderly people rising to 12.98 million in 2030 and 17.22 million in 2040.

By 2050, the number of elderly people could account for 43.9 percent of the country’s population, according to the report. (Yonhap)