South Korea faces rapid population aging and structural shifts

South Korea is experiencing a significant demographic shift characterized by rapid population decline and an accelerating aging process. In Buan County, the population fell by over 10,000 people in the last decade, dropping from 57,005 in 2016 to approximately 47,000 in September 2024. During this same period, the elderly population (aged 65 and older) increased by over 17%, pushing the aging rate to 41.2%.

This demographic imbalance is compounded by a shrinking youth population. In Buan, residents aged 20 to 39 now account for only 12.5% of the population, down from 15.0% a decade ago. This trend threatens the local economic foundation, labor supply, and long-term community sustainability.

On a national scale, South Korea's elderly population proportion is projected to exceed 40% by 2050. While this presents challenges regarding welfare and healthcare demands, experts suggest a shift in perspective is needed to view the aging population as 'wisdom capital.' As older generations possess higher education levels and digital literacy than in the past, there is a growing call to integrate their accumulated expertise and experience into the social and economic fabric rather than viewing them solely as dependents.