1750MassachusettsAvenue,NW|Washington,DC20036-1903USA|+1.202.328.9000|www.piie.comWORKINGPAPERMichaelA.Clemens,nonresidentseniorfellowatthePetersonInstituteforInternationalEconomics,isprofessorinthedepartmentofeconomicsatGeorgeMasonUniversity.24-18MigrationorStagnation:AgingandEconomicGrowthinKoreaToday,theWorldTomorrowMichaelA.ClemensJuly2024ABSTRACTSouthKoreafacesanunprecedentedeconomiccrisisdrivenbyrapidpopulationaging,asitapproachesafutureofnegativeeconomicgrowth.ThispaperexaminesthefullrangeofpossiblepolicyresponseswiththepotentialtorestoredynamismtotheKoreaneconomy.Contrarytomanyprioranalyses,IfindthatenhancedlabormigrationtoKoreaisnecessary,sufficient,andfeasible.Migrationisnecessarybecauseinthebestforecastswehave,nootherclassofpolicyhasthequantitativepotentialtomeaningfullyoffsetaging.MigrationissufficientbecauseenhancedtemporarylabormigrationbyitselfwouldoffsetmostofKorea’sdemographicdragongrowthoverthenext50years.AndmigrationisfeasiblebecausethelevelsofmigrationandtimescaleofthetransitionwouldresemblethatalreadycarriedoutbyMalaysiaandAustralia.ManyadvancedeconomieswillfollowinKorea’sdemographicfootstepsindecadestocome,andhavemuchtolearnfromthedecisionsthattheKoreangovernmentmakesnow.JELCodes:F22,J15,K37Keywords:Migration,SouthKorea,Labor,Demography,EconomicGrowth,PopulationAgingNote:Theauthorhadhe...
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