South Korea is predicted to see its working age population shrink by a whopping 3.2 million during the 2020-2030 period, amid the country’s graying demographics, a government labor report showed. 

The estimate of people aged 15-64 would represent a turnaround from a growth of 1.17 million between 2010 and 2020 and 2.66 million during the previous decade, the Labor Ministry said in a report illustrating the seriousness of the country’s low birthrate and fast-aging population.

People aged 15 and over grew by 4.63 million during the 2000-2010 period and 3.96 million during the following decade, but the growth is predicted to dramatically slow down to 1.34 million during the 10-year period ending in 2030, the report showed. 

The proportion of young people aged 15-29 is also estimated to go down to 14.7 percent in 2030, compared with 19.9 percent in 2020 and 23.8 percent in 2010, according to the report. (Yonhap)