The looming retirement of a new wave of baby boomers could threaten South Korea’s economic growth and domestic demand, according to a new study released by the Bank of Korea (BOK), potentially leading to a further decline in the country’s growth potential.

Second-generation baby boomers, which the study defines as those born between 1964 and 1974, are the largest single generation in South Korea, comprising 9.54 million people or 18.6% of the total population. As they reach the legal retirement age of 60 over the next 11 years, their exit from the labor market is expected to have significant consequences for the economy.