For the second year in a row, South Korea is on track to achieve an economic rate of 2 percent this year. According to documents submitted by the Finance Ministry for parliamentary review, the OECD forecasts the economy will grow by 2 percent this year, the same rate as last year.
It is noteworthy that the growth rate is gradually declining from 2.4 percent in 2020 and 2021, and then 2.3 percent in 2022. While the decline in the number of citizens in the productive age in South Korea amid the decline in the birth rate and the increasing ageing of society has resulted in a lower rate of growth, the number of 15- to 64-year-olds is expected to decline from 71.1 percent in 2022 to 45.8 percent in 2072.
