Aging society means Korea’s health and welfare industries will grow: BOK

Aging society means Korea’s health and welfare industries will grow: BOK


With Korea’s population rapidly aging,…
the structure of the nation’s industry is in for some changes. A report from the Bank of Korea Wednesday
forecasts that changing demographics mean the country’s long-time reliance on manufacturing
will decline,… while the service sector,… particularly in health or welfare,… will
grow substantially. According to figures from 2009, manufacturing
accounted for nearly 30 percent of the nation’s whole economy,… about double the OECD average,…
while the service industry was about 10 percent lower than average. To cope with the coming change, the BOK advises
the country’s more low-tech manufacturing businesses to start restructuring,… and
advises health and welfare-related businesses to raise their global competitiveness.

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