The Governor of the Bank of Korea, Lee Chang-yong, emphasized on Tuesday that the country needs to utilize innovation and artificial intelligence (AI) to transform the challenges posed by an aging population into a new engine for growth, adapting to the expanding "silver economy."
Speaking at a forum titled "Industrial Response to a Super-Aged Society," co-hosted by the Bank of Korea and Yonsei University, Lee stated, "Aging is clearly a crisis facing our society, but it is also a structural change that creates new demands."
South Korea officially entered a super-aged society last year, with the population aged 65 and over exceeding 20% of the total.
Lee expressed that the silver economy should no longer be confined to the welfare sector but should be recognized as a vital industrial sector capable of creating added value through innovation and technology. He called for the private sector to play a greater role in meeting the growing demands.
Lee pointed out that the number of elderly people requiring intensive care and end-of-life services is projected to surge from 292,000 in 2025 to 639,000 by 2050, an increase of more than double. Concurrently, demand for "peaceful death" and "healthy aging" is rapidly growing.
To convert this demographic challenge into an industrial opportunity, Lee stressed the need for broader utilization of healthcare data and reforms to infrastructure-related regulations to maximize the potential of artificial intelligence.
Lee also proposed easing legal and administrative restrictions to increase the supply of nursing homes and crematoriums in urban areas.
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