People 65 and over account for 17.5% of Korea's population this year

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People 65 and over account for 17.5% of Korea's population this year

People aged 65 and older took up 17.5 percent of Korea's population this year amid rapid aging, data showed Thursday, underscoring concerns that the demographic change could weigh on the country's economy.
The number of older adults stood at 9.02 million out of the country's population of 51.6 million this year, according to data from Statistics Korea.
The number of senior citizens is expected to continue to rise to reach 10.6 million in 2025, or 20.6 percent of the total population, making the country become a super-aged society.
It will likely take just seven years for Korea to become a super-aged society from an aged society, in which the share of those aged 65 and older reach 14 percent or more.
The pace of aging for Korea is very fast compared with other major countries. For the world's most aged country, Japan, it took 10 years to become a super-aged society.
Amid rapid aging, the proportion of elderly people in Korea is expected to take up 30.1 percent in 2035 and exceed 40 percent in 2050, the data showed.
The statistics agency said in a separate report that Korea is forecast to become the world's most aged country in 2044. In 2070, about 46 percent of its population will be elderly, it added. 

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