Korea's population set to decline 1 percent per year starting 2054

Korea's population is projected to decline 1% yearly from 2054 due to aging and low birth rates.

Nursing workers take care of a baby at a postnatal care center in Seoul. [YONHAP]

Korea’s population is anticipated to decrease 1 percent annually starting 2054 due to rapid aging and chronically low birthrates, government data showed Thursday.

The population is forecast to drop by 1.03 percent in 2054 compared to a year earlier, with the on-year population reduction ratio set to reach more than 1 percent afterward, according to data from Statistics Korea.

If there is no significant change to rapid aging and declining birthrates, the population is expected to shrink to below 20 million in 100 years from last year’s 51 million, the agency said.

Korea is experiencing grim demographic changes as many young people opt to postpone or give up on marrying and having children in line with changing social norms and lifestyles amid high home prices, a tough job market and economic slowdown.

Last year, the number of babies born in the country dropped 7.7 percent on year to an all-time low of 229,970.

The total fertility rate, referring to the average number of expected births from a woman in her lifetime, also hit a record yearly low of 0.72, falling far below the 2.1 births per woman needed to maintain a stable population without immigration.

In the fourth quarter of last year alone, the rate came to 0.65, the lowest-ever quarterly figure.

Korea is expected to be a highly aged country by 2072 as the median age will increase from 44.9 in 2022 to 63.4 in 2072.

Yonhap