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South Korea's population forecast to drop 14 million by 2070

Nation's low birth rate and lack of foreign workers puts pressure on economy

SEOUL -- South Korea's population is forecast to fall by 14 million over the next five decades due to the country's low birth rate, longer life expectancy and shortage of foreign workers -- putting pressure on an economy that was once one of the fastest growing in Asia.

Statistics Korea announced Thursday that it estimates the population will drop to 50.2 million in 2040 and 37.7 million in 2070 from the 2020 peak of 51.8 million. The working-age population (15 to 64) will also drop to 28.5 million in 2040 and 17.4 million in 2070 from 37.4 million in 2020.

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