South Korea has to loosen the immigration law or it will fall into the economic recession, The Financial Times says citing Kim Choong-soo, the head of the Bank of Korea.
In his opinion, in this way the government can stop the society ageing. The Bank of Korea governor said that the government would “be able to utilize these workers coming from outside in the right parts of the economy, and regain societal vitality at the same time”. Kim Choong-soo called for following the example of the US, which accepts over 1 million immigrants every year.
Ethnic minorities in South Korea comprise about 60,000 people, and indigenous population amounts to 50 million people. Immigrant from Philippines Jasmine Lee has been elected to the South Korean government only in 2012.
South Korean nation is one of the most rapidly ageing societies in the world. The average birth rate is 1.2 per woman, and such a low rate is caused by the high cost of childcare and school tuition. According to the World Bank estimates, by 2050 the ratio of workers to retire person will be 1.2. Now it is 4.5.
