World Knowledge Forum

[WKF 2015] Harry Dent’s Demographic Cliff and Global Economic Collapse



Demographic shock of aging population and population decline in advanced countries is threatening the entire world today. World renowned futurist Harry Dent, who successfully predicted the 1980 Japan bubble burst and the 1990 boom of US economy, warns us that the demographic shift will negatively affect the global economy in his book of . According to him, demographic cliff of declining population will result in reduced consumption and lack of aggregate demand, thereby causing economic recession across the world. Korea is not an exception. According to Statistics Korea, the percentage of people over the age of 65 will increase from 13 percent to 30 percent by 2060. And KDI (Korea Development Institute) forecasts the economic growth rate will fall to 2 percent by 2020 and 1 percent by 2030 because of population aging. The worst case scenario is that low growth trend will be entrenched due to rapidly declining labor force participation rate resulting from a decline in population and aging. This is the reason why we should prepare preemptive measures to tackle the issues of population decline and aging. On the other hand, North Korea has relatively younger population structure, which can complement dwindling labor force of South Korea. In this session, there will be a heated debate on whether all the countries around the world including Korea will fall to a demographic cliff as Harry Dent forecasted or overcome this phenomenon and sustain economic growth. - If the Demographic Cliff becomes a reality, how will this affect the global economy? What would be the impact of global demographic trend on sustainable development and climate change? - What measures must nation states take in order to alleviate the effects of The Demographic Cliff? - What measures should Korean government take in response to the aging population and population decline? - What are the implications of the North Korean population structure which is younger than that of the South Korea? - Can we solve the aging population issue in Korea by opening the doors for immigration? ★ Youtube → ★ Facebook → ★ instagram →