(MENAFN) Mainly on the back of very low birthrate, South Korea is projected to experience a workforce shortage of up to 9 million in 2060, based on recent reports.
The nation has agonized with a low fertility rate or the average number of babies that a woman is expected to have during her lifetime amid the demographic changes.
In 2060, there will be a lack of approximately 9 million needed workers, which will be equal to over 20 percent of the overall population at that time, as the latest data revealed.
It's worth noting that in 2014, the nation's fertility rate stood at 1.2, well below the necessary replacement level of 2.1 births per female and the lowest among top emerging economies.
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