Korea is one of the world’s most extreme examples of demographic challenge. Rapid advances in medicine, diet, and living standards have increased life expectancy. Back in 1960, Korean women on average gave birth to 6.0 children. By 2015, the fertility rate had fallen to 1.24. With life expectancy rising and birthrates plumbing record lows, Korea is about to undergo a stunning demographic transformation. According to the latest government projections, 40.1 percent of Korea’s population will be 65 years of age or older by 2060. Korea faces the challenge of providing for one of the most rapidly aging populations in the world.

The aging of its population will bring profound changes to nearly every dimension of Korean life.

Government budgets will come under relentless pressure from rising expenditures on health care and long-term care. Unless Korea takes adequate and timely steps of preparation, it could face a future of slower economic growth and stagnating living standards. Therefore, various policy efforts are needed to integrate healthcare and long-term care services for the elderly.