Business Daily South Korea: Can immigration grow its workforce?
7 snips
Apr 7, 2025 South Korea faces a critical labor shortage due to a low birth rate and depopulation. The nation may need 890,000 additional workers by 2032 to sustain economic growth. Public opinion on immigration is mixed, with challenges including discrimination and affordability issues for local families. The podcast highlights the need for a welcoming environment for international workers. It also explores how businesses are turning to automation amid this demographic crisis, making the future of workforce strategies a hot topic.
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Immigration as a Solution
- South Korea aims to increase immigration to address labor shortages caused by a declining birth rate.
- The government has declared a national emergency due to depopulation.
Osan: A Migrant Hub
- Osan, South Korea, has a high percentage of foreign workers, primarily from other parts of Asia, due to its proximity to industrial centers.
- Jones Galang, head of the Osan Migrant Workers Center, notes Korea's popularity among migrant workers due to its proximity, higher salaries, and job opportunities.
Dwindling Workforce
- South Korea needs more workers, especially young ones, due to a decline in the economically active youth population.
- By 2032, South Korea may need over 890,000 additional workers to maintain its economic growth goal.