Good morning. My name is Byun, Dong Shik, CEO of a "First-Class" daily 

economy newspaper, the Finacial News.

Since the late 20th century, an unprecedented population shrink has been shaking 

the foundation of a nation. Sizable territory, securing resources and economic power 

have thus far been key standards of powerful countries. However, essential 

requirements for becoming powerful nations are evolving. For now, population 

is one of the new requirements.

In the aftermath of the tragic Korean War, South Korea has become the only 

democratic nation to be listed as one of advanced economies on the basis of the 

miracle of Han River. In spite of such outstanding achievement, there is a growing 

concern about becoming a top country which will likely to experience economic 

downturn due to a recent drop in population growth. 

American economist Harry Dent suggested a concept of demographic cliff and he 

warned that South Korea is likely to be the “last advanced country” heading for 

the demographic cliff beginning in 2018. More recently, Elon Musk, a chief of 

Tesla, noted that its population could face a significant drop.

In fact, we are at a critical jeopardy of the demographic cliff. In 2005, the former 

Noh administration made considerable efforts to promote demographic policies 

by enacting the Framework Act on Low Birth Rate in an Aging Society, but no 

marked outcome was achieved. As all of you see, South Korea records one of 

the lowest fertility rates in the world. Surprisingly since last year, it marked the first 

year of the “Population Dead Cross,” a phenomenon in which the number of 

the deceased surpassed that of newborns in South Korea happening here 

in South Korea.

The ripple effects of demographic shock caused by low birth and population ageing 

led to the “local extinctions” beyond lack of workforce and fiscal distress due to 

population decline. When the number of people grew significantly, a phenomenon 

of “concentration of population in metropolitan areas” referred to a more rapid rise of 

population in cities than in provincial areas. However, amid the number of people 

shrinking, this term now refers to a rapid migration from provincial regions to 

metropolitan areas. 

Having experienced a depopulation shock earlier, the Japanese government has 

drawn up and put longer-term visions to create villages and jobs and gather 

people in place since 2015. It is working hard to prevent further population shrinking

 in provincial areas by strengthening regional characteristics and autonomy in 

coordination with the central government, local governments and companies. 

Taking this issue seriously, the Yoon administration is working to draw up 

comprehensive population plans on a wide range of issues such as low birth 

rate, population ageing and local extinctions. Still, expanding state-backed 

support for encouraging birth and particular policies is not adequate to fully 

respond to the demographic cliff crisis. With a focus on enhancing quality of life 

and future happiness, it is necessary to take an ecological approach that 

pursues a balance between metropolitan areas and provincial regions.

Under the theme of “Overcoming population extinction and regions and seeking 

balanced ways to promote ecological development,” the Seoul Demographic 

Symposium is deemed to serve as a venue where various ideas and ways 

to overcome low birth rate and local extinctions will be vibrantly discussed.

Today’s speaker Hiroya Masuda, who is President and CEO of Japan Post 

Holdings, warned of a great crisis derived from a significant population 

decline in his book “Local Extinctions” released in 2014. His insight appears 

to give us an important lesson.  

Also, I would like to convey my deepest thanks to Jeon Ju-hye, a lawmaker of 

the People Power Party, Vice Chairman of the Ministry of Gender Equality & 

Family Lee Ki-soon, Secretary General of the Presidential Committee on 

Ageing Society and Population Policy Park Jin-kyung and President of 

the Korea Demographics Society Lee Sung-yong who have supported for 

this event. And it is also my gratitude for all you spared time to attend 

this event. I hope it would be meaningful to you.

Byun, Dong Shik

President,

The Financial News