Study: Workforce in Restaurants, Retail to Each Drop over 600,000 by 2042

A new study predicts the restaurant and retail workforce will shrink by over 600-thousand by the year 2042 due to the nation’s low birth rate and population decline.

The forecast was revealed by Seoul National University Economics Professor Lee Chul-hee on Tuesday, during a seminar hosted by the Federation of Korean Industries’ affiliate Korea Economic Research Institute(KERI) and the Korea Labor Institute.

Lee said estimates show the workforce aged 20 to 74 will generally drop between the years of 2022 and 2042, as the total population is expected to decline from 51-point-67 million to 49-point-63 million over the course of two decades.

A decrease of more than 669-thousand workers was predicted in the restaurant and bar industry over the cited period, while a drop of around 610-thousand was forecast for the retail industry, with the exception of the auto industry.

While Lee called for ways to increase economic participation by women and seniors, Sungkyunkwan University Education Professor Yang Jung-ho recommended state spending on concentrated population policies and a minimum ten-year term for a Cabinet minister overseeing population policies.