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The country's economic growth could come to a halt in 2050 unless productivity is raised through structural reforms, a state-run think tank warned Tuesday. This gloomy forecast sends out a warning signal for the future of the nation, which is suffering from chronically low growth.
The Korea Development Institute (KDI) has proposed to raise gradually the standard age of senior citizenship, set at 65 now. If Korea sticks to its current standard, the nation's burden of supporting the elderly population will reach the highest level among OECD member countries by 2054, the KDI said. So, the state think tank called for raising the age at which one becomes a senior citizen by one year every decade - ending at 74 in 2100.