South Korea braces for economic fallout as new wave of baby boomers retires



Analysis South Korea braces for economic fallout as new wave of baby boomers retires Bank of Korea projects long-term decline in growth and consumption as country’s largest generation leaves the workforce John LeeJuly 3, 2024 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON An illustration of retired senior citizens in a park \| Image: Korea Pro 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 60over the next 11 years, their exit from the labor market is expected to have significant consequences © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Samsung, SK Hynix rejection exposes South Korea’s chip-grid financing problem 02Trump’s Cheongung social media post tests Seoul’s refusal to arm to Ukraine 03Lee Jae Myung risks public trust as South Korea rewires its justice system 04South Korea turns to Central Asia as Iran war tests its energy resilience 05Houthi seizure of Mokha sharpens South Korea’s Hormuz deployment dilemma 06Japan’s stronger yen may cut Korea’s import bill while raising funding costs 07South Korea leans on Europe as Hormuz deployment choices grow narrower 08Hanwha’s Austal bid shows where South Korea’s MASGA plan may be heading

Analysis

South Korea braces for economic fallout as new wave of baby boomers retires

Bank of Korea projects long-term decline in growth and consumption as country’s largest generation leaves the workforce

John LeeJuly 3, 2024

South Korea braces for economic fallout as new wave of baby boomers retires

An illustration of retired senior citizens in a park | Image: Korea Pro

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 60over the next 11 years, their exit from the labor market is expected to have significant consequences

LATEST ANALYSIS

01Samsung, SK Hynix rejection exposes South Korea’s chip-grid financing problem
02Trump’s Cheongung social media post tests Seoul’s refusal to arm to Ukraine
03Lee Jae Myung risks public trust as South Korea rewires its justice system
04South Korea turns to Central Asia as Iran war tests its energy resilience
05Houthi seizure of Mokha sharpens South Korea’s Hormuz deployment dilemma
06Japan’s stronger yen may cut Korea’s import bill while raising funding costs
07South Korea leans on Europe as Hormuz deployment choices grow narrower
08Hanwha’s Austal bid shows where South Korea’s MASGA plan may be heading

South Korea braces for economic fallout as new wave of baby boomers retires

LATEST ANALYSIS

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John Lee