Why South Korea Is Running Out of Young Workers Faster Than Any Other OECD Country
South Korea built one of the world’s most successful economies with a remarkably large, educated and disciplined workforce. That workforce is now beginning to shrink. The country’s working-age population aged 15 to 64 declined from approximately 36.64 million in 2020 to 35.62 million in 2024. This means South Korea lost more than one million working-age residents in just four years. The decline is only beginning. AI generated image OECD projections indicate that South Korea could experience the largest reduction in its working-age population among member countries over the coming decades. The population aged 20 to 64 is projected to fall by approximately 49%, while the OECD average decline is expected to be far smaller. This demographic transformation is often explained with one familiar statistic: South Korea has one of the world’s lowest fertility rates. But the labor problem is more complicated than simply having fewer babies. South Korea is simultaneously experiencing five str...