Zero growth in South Korea seen in 2050

The Korea Development Institute (KDI) has warned that South Korea's economy could slow practically to a standstill in 2050. According to the report, the nation's economic growth rate is likely to be just 1.3% in the 2030s and 0.7 % in the 2040s per annum in the wake of a rapid decline in the working-age population. The KDI said gross domestic product growth in the coming decades will gradually fall after posting 1.9% per annum between 2023 and 2030. It cited data from Statistics Korea, which shows the portion of the working-age population, aged between15 and 64, is expected to slide from 72.1% in 2020 to 66% in 2030, 56.8% in 2040 and 51.1% in 2050. Further, it warned that growth in 2050 could be zero in the negative scenario.