Population Aging as Socio-Economic Issue of The Republic of Korea

Industrialization, economic growth and the development of medicine led to an increase in the average life expectancy and a decrease in the birth rate, which created one of the most serious demographic problems of our time for the developed countries –population aging. According to statistics, the rate of population aging growth in the Republic of Korea is the highest among the OECD countries. It is expected that in 12 years the share of citizens over 65 will reach 40% in South Korea. Scientists are concerned about this trend, as the aging of the population leads to serious socio-economic consequences, such as the aging of the workforce, the fall in the birth rate, the growth of the tax burden for the economically active population, the problems of poor and lonely old age, and others. The problem of population aging in Korea is closely linked with such issues as increasing life expectancy, falling birth rates, changes in family structure and values, and therefore requires a comprehensive approach to studying the changes in demographics. As the aging of the population continues to create new challenges for the Republic of Korea, it is necessary to take into account the current trends and consequences of this demographic change for the development of right social and economic policies. This paper examines the process of population aging in the Republic of Korea, the economic and social challenges faced by the Republic of Korea in trying to address the issue of population aging.