Labor Shortage to Top 4.8 Million in 2020

Labor Shortage to Top 4.8 Million in 2020
[8 October 2006 - The Korea Times] South Korea is projected to face a shortage of up to 4.8 million workers in 2020 _ unless the country improves labor productivity - due to a rapidly aging population and falling birthrates. The Bank of Korea (BOK) reported yesterday that the government should emphasize increasing labor productivity as well as producing a sufficient number of workers to maintain sustainable growth in the future. The Ministry of Finance and Economy also said the government should abolish a range of regulations hampering market competition across business sectors to enhance workers’ efficiency. More