ISTANBUL 

South Korea’s alarmingly low birth rate could cause the country's population to fall in half over the next 60 years, the Organization for Economic Cooperation and Development (OECD) has warned.

In a report released on Wednesday, the OECD pointed out that South Korea’s fertility rate of 0.72 children per woman in 2023 is the lowest in the world.

This is the first official OECD report addressing South Korea's declining birth rate.

If the birth rate remains at the current level, the country's population is expected to decrease by half over the next six decades.

By 2082, people aged 65 or older are expected to represent around 58% of the total population.

The elderly dependency ratio is expected to rise from 28% to 155%, meaning that one working-age person would need to support 1.5 elderly individuals.

The OECD attributed South Korea's notably low birth rate to high education costs, long working hours, limited work schedule flexibility, and the challenges of balancing work and family life.

South Korea formally became a "super-aged" nation in late 2023, with 20% of its population aged 65 or older, and the nation continues to face challenges linked to its aging population.