BNK Economic Research Institute Releases Report on 'Population Movement in the Southeastern Region and Implications for the Local Economy'

Southeastern Region Population, Net Outflow of 288,000 People Over the Past 10 Years

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[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] BNK Economic Research Institute, affiliated with BNK Financial Group, announced a research report titled ‘Population Movement in the Southeastern Region and Implications for the Regional Economy’ on the 6th.

According to the report, over the past 10 years, 1,569,000 people moved into the Southeastern region, while 1,857,000 people moved out, resulting in a net outflow of 288,000 people.

The Southeastern region had the largest net population outflow among economic zones, followed by the Daegyeong region with 195,000 people and the Honam region with 159,000 people.

On the other hand, other regions experienced net population inflows during the same period: Chungcheong region with 283,000 people, the Seoul Capital Area with 250,000 people, and Gangwon-Jeju with 110,000 people.

By city and province, Busan, Ulsan, and Gyeongnam all experienced net population outflows to outside the Southeastern region. Gyeongnam had the largest net outflow with 118,000 people, followed by Busan with 115,000 people and Ulsan with 55,000 people.

The Southeastern region showed net population outflows to all economic zones nationwide. The largest net outflow was to the Seoul Capital Area with 200,000 people, followed by Chungcheong region with 50,000 people, Gangwon-Jeju with 16,000 people, Daegyeong region with 16,000 people, and Honam region with 6,000 people.

Among the 43 cities, counties, and districts, 40 showed net population outflows to outside the Southeastern region. In Busan, 14 out of 16 districts, all 5 districts in Ulsan, and 21 out of 22 counties in Gyeongnam were identified as net outflow areas.

By city, county, and district, the largest net outflow to outside the region was from Gwanak-gu in Seoul with 21,000 people, followed by Hwaseong-si in Gyeonggi Province with 11,000 people and Pyeongtaek-si in Gyeonggi Province with 11,000 people.

Among the top 10 net outflow areas, all except Sejong City and Jeju City were located in the Seoul Capital Area.

By age group, all age groups showed net population outflows from the Southeastern region.

The largest outflow was among people in their 20s with 180,000, followed by those in their 30s with 31,000, teens with 29,000, 50s with 19,000, and 40s with 13,000. Those aged 60 and above accounted for 15,000, and children under 10 accounted for 2,000 in net outflow.

Examining the regions with the largest net outflows by age group, those aged 10 to 30 mostly moved to the Seoul Capital Area, with the Chungcheong region ranking second. In particular, for people in their 20s, the net outflow to the Seoul Capital Area was 160,358, accounting for 55.6% of the total net outflow from the Southeastern region.

For those aged 40 and above, net outflows to non-Seoul Capital Areas such as Chungcheong and Daegyeong regions were significant. For people in their 40s, Chungcheong was the top net outflow area, while for those aged 50 and above, Daegyeong was the leading net outflow region.

The BNK Economic Research Institute pointed out that with the rapid population decline in the Southeastern region due to low birth rates and aging, net outflows across all age groups are raising concerns about regional extinction, especially the concentration of young people in the Seoul Capital Area.

Additionally, the Southeastern region recorded the highest numbers among economic zones for the first brain drain (1st Brain-drain) of 64,000 people aged 15 to 24 leaving for the Seoul Capital Area due to ‘education’ issues, and the second brain drain (2nd Brain-drain) of 132,000 people aged 20 to 29 leaving for the Seoul Capital Area due to ‘job’ issues.

Jung Young-doo, head of BNK Economic Research Institute, said, “To prevent concentration in the Seoul Capital Area and regional extinction, the government must dramatically increase the speed and intensity of national balanced development policies,” adding, “Local governments must actively prepare and improve comprehensive roadmaps, dedicated organizations, and related systems to attract and settle young populations.”