One Hundred Able-Bodied Workers to Support 66 Dependents in Future

Korea is expected to reach the highest old age dependency ratio in the world by the year 2050.

On October 27, according to an OECD report obtained by the Bank of Korea, Korea’s old age dependency ratio has been predicted to be 34.1 percent in 2025, and 65.6 percent by the year 2050, from 11.2 percent in 2000.

The dependency ratio is the rate of those who are considered to be part of the old-age group (65 years of age or more) over those who are able to work (14~64 years of age). The 65.6 percent dependency ratio in the year 2050 means that for every 100 people able to work, there will be 65.6 dependents (persons of old age).

Korea’s old age dependency ratio will be the second highest among OECD member nations and only slightly behind Japan’s (67.0 percent). Other nations expected to have high old-age dependency ratios in 2050 include Italy (64.6 percent), Germany (48.1 percent), France (46.2 percent), and Canada (41.5 percent).

The average old age dependency ratio of all OECD member nations was estimated to be 19.2 percent in 2000, 31.9 percent in 2025, and 45.1 percent in 2050.

Falling birthrates across the globe, declining numbers of young adults, and increasingly developing medical capabilities have been the reason behind the coming of the high old-age dependency ratios.

The OECD estimates that the world’s population, which is increasing by 1.25 percent per year, will drop to 0.25 percent per year in 2050.

Kang-Woon Lee kwoon90@donga.com