Economy

South Korea's population has been increasingly concentrated in the Seoul Capital Area (SCA) over the past few decades, leading to overcrowding, high living costs, and a decline in quality of life. The SCA accounts for over half of the country's population and holds most of the nation's public institutions, leading to a significant concentration of wealth and resources in the region. The Government's Proposal for Public Institution Relocations To address this issue, the government has proposed

As Busan's vision for a revitalized local economy draws closer, the city is preparing to take an important step towards making it a reality. The Busan Research and Development (R&D) Special Zone project, aimed at building an innovation ecosystem in the shipbuilding and marine industry, is set to start construction in 2026, and the city is accelerating its efforts to remove the green belt (GB) from the project site. After a five-month consultation process with the Ministry of Environment regardi

South Koreans continue to work more than their counterparts in the Organization for Economic Cooperation and Development (OECD). According to OECD data, South Koreans worked 1,915 hours last year, ranking sixth among the 38 OECD member nations. The number of hours was down 10.3% from 2011. Korea's long working hours relates the lowest fertility rate South Korea also has the lowest fertility rate in the world and a fast-aging population. Concerns are ascending that the burden on the economy a

In many countries, the media frequently portrays stable and declining populations due to demographic aging as a problem or crisis. Smaller populations make for more sustainable societies. Some environmental scientists argue that societies should embrace population aging and decrease, citing numerous reports on the socioeconomic and environmental benefits of population aging, mortality-related decrease, and shrinking workforces due to retirement, and arguing that, contrary to some economic ana