The 1st Future Korea Report on Shock of Aging Society, Any way out? was presented in co-research with McKinsey&Company and McKinsey Global Institute (MGI), and by case studies of foreign countries such as U.S., Japan, and Europe.
On this day’s event 400 participants, including WHO secretary-general Lee, Jong Wook, Deputy Prime Minister Lee, Hun Jae, Minister of Health and Welfare Kim, Keun Tae, Mayor of Seoul Lee, Myung Bak, Governor of Kyunggi province Son, Hak Kyu, had made agreement on the seriousness of aging and planned for nation-wide solutions.
The report warned that due to its lowest birth rate and fastest aging trend, Korea can remain as second tier country eternally or even worse fall behind.
Aging trend that Korea is now suffering, as $10,000 income country, is fastest among any nation that without thorough preparation it will not be sustainable socially or economically. The report showed miserable future using a new format ‘Letter from the Future’ that by year 2026, 1 of 5 people is over 65, and each worker aging 25-54 will have to support 1 elderly. Compared to current status that every 3 workers support 1 elderly (as of 2003) and also in consideration of jobless youth, early retirement, and inferior conditions for female workers, it is expected that in real it will be much worse. In contrast to Korea’s working age decrease of 40% by 2050, China is expected to supply 25 million urban workers every year which is comparable to Korea’s total population. In addition narrowing of technology gap between China and Korea will result in worsening of Korea’s national competency.
SONG Do-Kyun, SBS president/CEO
Diana FARRELL, the Global Head of the McKinsey Center for Government (MCG)
"The Agequake in Korea: How to Cope with the Challenge" : 50year old are tomorrow’s youth! Productivity revolution is the only way to survive - CHOE Guemnak, Director, Future & Vision/ Economy Desk, KIM Sanghyup, Deputy Editor, Future & Vision Desk